Robbins Arroyo LLP: Acquisition of Breeze-Eastern Corp. (BZC) by TransDigm Group Incorporated (TDG) May Not Be in Shareholder...
19 Novembro 2015 - 6:40PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Breeze-Eastern
Corporation (NYSE MKT: BZC) by TransDigm Group Inc. (NYSE: TDG). On
November 19, 2015, the two companies announced the signing of a
definitive merger agreement pursuant to which TransDigm will
acquire Breeze-Eastern. Under the terms of the agreement,
Breeze-Eastern shareholders will receive $19.61 in cash for each
share of Breeze-Eastern common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/breeze-eastern-corporation
Is the Proposed Acquisition Best for Breeze-Eastern and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Breeze-Eastern is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $19.61 merger consideration represents
a discount of -6.6% based on Breeze-Eastern's closing price on
November 18, 2015. This premium is significantly below the average
one-day premium of nearly 27% for comparable transactions within
the past five years. Recently, Breeze-Eastern traded as high as
$21.25 on November 2, 2015.
On October 28, 2015, Breeze-Eastern reported strong earnings
results for its second quarter 2016. Net sales for the quarter were
$23.9 million, an increase of 35% compared to the same period last
year. Net income for the quarter was $2.9 million, an increase of
357% compared to the same period last year. In commenting on these
results, Breeze-Eastern Chief Executive Officer Brad Pedersen
remarked, "Breeze-Eastern again achieved strong operating
performance this quarter, as the Company continues to strengthen
its financial position heading into 2016. Higher new product
shipments and spare part sales helped drive top line revenue. The
Company's performance for the first six months of fiscal 2016
reflects favorable timing, product mix, customer mix, solid
industry demand, and improved margins. We closed the quarter with a
strong cash position and are confident that we can deliver solid
results in the months ahead."
In light of these facts, Robbins Arroyo LLP is examining
Breeze-Eastern'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.
Breeze-Eastern 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. Breeze-Eastern 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151119006634/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
Breeze-Eastern Corp. (AMEX:BZC)
Gráfico Histórico do Ativo
De Mai 2024 até Mai 2024
Breeze-Eastern Corp. (AMEX:BZC)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024