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If you purchased shares of Blount International Inc (NYSE:BLT) and currently hold any of those NYSE:BLT shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
December 14, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Blount International Inc (NYSE:BLT), was announced concerning whether the takeover of Blount International Inc by affiliates of American Securities LLC and P2 Capital Partners, LLC for $10.00 per share is unfair to NYSE:BLT stockholders.
The investigation by a law firm concerns whether certain officers and directors of Blount International Inc breached their fiduciary duties owed to NYSE:BLT investors in connection with the proposed acquisition.
On Dec. 10, 2015, Blount International, Inc. (NYSE:BLT) announced that it has entered into an agreement to be acquired by affiliates of American Securities LLC and P2 Capital Partners, LLC in an all-cash transaction valued at approximately $855 million, including the assumption of debt. Under the terms of the proposed transaction, Blount shareholders will receive $10.00 in cash for each share of Blount common stock they hold.
However, given that NYSE:BLT shares traded in early 2015 as high as $17.09 per share, the investigation concerns whether the offer is unfair to NYSE:BLT stockholders.
In addition, given that P2 Capital Partners and certain of its affiliates, which collectively own approximately 14.9% of Blounts outstanding shares, have already entered into an agreement with the Company to vote their shares in accordance with the recommendation of the Companys Board of Directors with respect to the proposed transaction, the investigation concerns whether the Blount International Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Blount International Inc reported that its annual Total Revenue rose from $900.60 million in 2013 to $944.82 million in 2014 and that its Net Income increased from $4.84 million in 2013 to $36.56 million in 2014. Shares of Blount International Inc (NYSE:BLT) reached as high as $17.67 per share in late 2014.
