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Goodrich Corporation Investor Files Lawsuit Against Takeover Bid By United Technologies

  • If you purchased shares of Goodrich Corp (NYSE: GR) prior to the announcement and currently hold those shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • 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

Company
Goodrich Corporation
Security
NYSE: GR

Case Name
Goodrich Deal Case 09/23/2011
Type of Lawsuit
Mergers and Acquisition
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Summary

San Diego, Sept. 23, 2011 (Shareholders Foundation) -- An investor in shares of Goodrich Corporation (NYSE: GR) filed a lawsuit against directors of Goodrich in effort to stop the proposed takeover of Goodrich Corp. by United Technologies for $127.50 per NYSE GR share.
According to the complaint the plaintiff alleges that directors of Goodrich Corp breached their fiduciary duties owed to NSYE GR stockholders arising out of the attempt to sell Goodrich Corporation too cheaply via an unfair process to United Technologies Corp.

On Thursday, Sept. 21, 2011, United Technologies Corp. (NYSE: UTX) announced it has reached agreement to purchase Goodrich Corporation (NYSE: GR) for $127.50 per share in cash. The transaction is valued at approximately $18.4 billion including assumption of approximately $1.9 billion in net debt.

Following the takeover announcement shares of Goodrich Corp jumped from $110.01 on Wednesday to $120.60 on Thursday and closed on Friday, September 23, 2011 at $121.75 per GR share.

However, the plaintiff alleges the $127.50offer undervalues Goodrich. Indeed, at least one analyst has set before the takeover announcement the high target price at $130 per share. Further Goodrich’ performance has been increasing lately. Goodrich’s annual Revenue rose from $6.39billion for 07 to $6.96billion in 2010 and its annual Net Income increased within the same time frame from $482.60million to $578.70million. Additionally, shares of Goodrich Corporation (Public, NYSE:GR) grew at an exceptional growth rate from as low as $33.14 per share in February 2007 to as high as $98.18 per share in July 2010.