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If you purchased shares of Buckeye Technologies Inc. (NYSE:BKI) prior to April 24, 2013, and currently hold any of those NYSE:BKI 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 case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
May 7, 2013 (Shareholders Foundation) - An investor in shares of Buckeye Technologies Inc. (NYSE:BKI) filed a lawsuit to halt the proposed takeover of Buckeye Technologies Inc.by Georgia-Pacific LLC for $37.50 per NYSE:BKI share.
On April 24, 2013, Buckeye Technologies Inc. and Georgia-Pacific LLC announced that they have reached an agreement for Georgia-Pacific to acquire all of the outstanding shares of Buckeye Technologies' common stock for $37.50 per share in cash.
However, the plaintiff says that the defendants allegedly breached their fiduciary duties owed to NYSE:BKI stockholder by agreeing to sell the company at an unfair price via an unfair process.
Indeed, NYSE:BKI shares jumped after the takeover news on April 24, 2013 in the open market to as high as $37.92 per share and that at least one analyst has set the high target price at $40.00 per share, thus both above the current offer.
On May 7, 2013, NYSE:BKI shares closed at $37.61 per share.