Investigation Overview
August 28, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Cameron International Corporation (NYSE:CAM), was announced concerning whether the takeover of Cameron International Corporation by Schlumberger Limited for a value of approximately $66.36 per share is unfair to NYSE:CAM stockholders.
The investigation by a law firm concerns whether certain officers and directors of Cameron International Corporation breached their fiduciary duties owed to YSE:CAM investors in connection with the proposed acquisition.
On Aug. 26, 2015 Schlumberger Limited (NYSE: SLB) and Cameron International Corporation (NYSE:CAM) announced a merger agreement in which the companies will combine in a stock and cash transaction. Under the terms of the agreement, Cameron International Corporation (NYSE:CAM) shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share. Based on the closing stock prices of both companies on August 25, 2015, the agreement places a value of $66.36 per Cameron International Corporation (NYSE:CAM) share.
However, given that at least one analyst has set the high target price for NYSE:CAM shares at $76.00 per share, the investigation concerns whether the offer is unfair to NYSE:CAM stockholders. More specifically, the investigation concerns whether the Cameron 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.
Cameron International Corporation reported that its annual Total Revenue rose from over $6.95 billion in 2011 to over $10.38 billion in 2014 and that its respective Net Income increased from $521.9 million to $811 million.