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If you purchased shares of International Coal Group, Inc.(NYSE ICO) and currently continue to hold those NYSE:ICO shares, and/or if you have any information relating the investigation, 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
Following the announcement by International Coal Group that its board of directors agreed to an acquisition of Intl Coal Group by Arch Coal, Inc an investigation on behalf of investors of International Coal Group, Inc.(NYSE:ICO) over possible breaches of fiduciary duty was announced.
The investigation by a law firm concerns whether certain directors and officers at International Coal Group, Inc. or others breached their fiduciary duties in connection the proposed merger.
On Monday, May 2, 2011, International Coal Group, Inc. (NYSE: ICO) and Arch Coal, Inc. (NYSE: ACI) announced that they have signed a definitive agreement under which Arch Coal, Inc. ( will acquire all of the outstanding shares of International Coal Group, Inc. for $14.60 per ICO share, in an all-cash transaction valued at $3.4 billion.
Indeed, shares of International Coal Group, Inc. jumped in response to the takeover news from slightly over $11 on Friday to $14.43 on Monday.
However, International Coal Group, Inc. has performed well for its investors in the past. International Coal Groups12months Total Revenue increased over the past four annual filing periods from $849.15million in 2007 to $1,166.47million in 2010. International Coal Group was able to increase its Net Income from a Net Loss of $147.56million in 2007 to a Net Income of $30.11million in 2010.
Therefore the investigation concerns whether the International Coal Group Board of Directors undertook an adequate and fair sales process to obtain fair consideration for all shareholders of International Coal Group, Inc.( NYSE:ICO) and breached their fiduciary duties to Intl Coal Group, (ICO) shareholder by failing to adequately shop the Company before entering into any transaction.
The investigation concerns also whether by Arch Coal, Inc would underpay for NYSE:ICO shares, thus unlawfully harming International Coal Group stockholders. A potential class action lawsuit would seek to maximize the amount of money and information International Coal Group, Inc. (NYSE:ICO) shareholders would receive in a buyout, so the law firm.
