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If you purchased shares of the Williams Controls, Inc. (NYSEAMEX:WMCO) prior to November 1, 2012, and currently hold any of those NYSEAMEX:WMCO 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
Nov. 1, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Williams Controls, Inc. (NYSEAMEX:WMCO) shares was announced concerning whether the offer by Curtiss-Wright Corporation to acquire Williams Controls, Inc. for $15.42 per NYSEAMEX:WMCO share and the takeover process are unfair to investors in NYSEAMEX:WMCO shares.
The investigation by a law firm concerns whether certain officers and directors of Williams Controls, Inc. breached their fiduciary duties owed to NYSEAMEX:WMCO investors in connection with the proposed acquisition.
On November 1, 2012, Curtiss-Wright Corporation (NYSE: CW) and Williams Controls (NYSE: WMCO) announced that they have entered into an agreement that provides for the merger of Williams Controls with a wholly-owned subsidiary of Curtiss-Wright. Curtiss-Wright will acquire Williams Controls in a cash tender offer for $15.42 per share, representing a total purchase price of approximately $119 million
However, Williams Controls financial performance improved over the past recent years. In fact, it reported that its Total Revenue rose from $38.81 million for the 12 months period that ended on Sept. 30, 2009 to $61.86 million for the 12 months period that ended on Sept. 30, 2011 and its Net Loss of $2.01 million for the 12 months period that ended on Sept. 30, 2009 turned into a Net Income of $3.33 million for the 12 months period that ended on Sept. 30, 2011.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NYSEAMEX:WMCO stockholders.
Specifically, given that shares held by directors and named executive officers of the Company and certain funds affiliated with Dolphin Direct Equity Partners, L.P. which collectively hold shares of Williams Controls common stock equal to approximately 26% of the outstanding shares of Williams Controls have already entered into tender and support agreements with Curtiss-Wright pursuant to which they have agreed to support the transaction and tender their shares in the offer, the investigation focuses on whether the Williams Controls Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, and acted in the shareholders' best interests in connection with the proposed sale.
