SAN DIEGO and INDEPENDENCE, Ohio, June 17, 2015 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP are investigating the
proposed acquisition of GrafTech International Ltd. (NYSE: GTI) by
an affiliate of Brookfield Asset Management Inc. (NYSE:
BAM/TSX:BAM.A). On May 18, 2015, the
two companies announced the signing of a definitive merger
agreement pursuant to which Brookfield will acquire GrafTech. Under
the terms of the agreement, GrafTech shareholders will receive
$5.05 in cash for each share of
GrafTech common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/graftech-international-ltd
Is the Proposed Acquisition Best for GrafTech and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at GrafTech is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $5.05
merger consideration represents a premium of only 2.0% based on
GrafTech's closing price on May 15,
2015. This premium is significantly below the average
one-day premium of nearly 28.3% for comparable transactions within
the past three years. Further, the $5.05 merger consideration is below the target
price of $6.00 set by an analyst at
Sidoti & Company LLC on April 30,
2015. In the last three years, GrafTech traded as high as
$13.01 on January 16, 2014, and most recently traded above
the target price – at $5.187 – on
January 2, 2015.
In addition, on April 29, 2015,
GrafTech reported strong quarterly earnings results for its first
quarter of 2015. In particular, the company reported operating cash
flow of $23 million in the first
quarter of 2015, as compared to $22
million in the same period of 2014.
In light of these facts, Robbins Arroyo LLP is examining
GrafTech's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
GrafTech shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material information.
GrafTech shareholders interested in information about their rights
and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP