SAN DIEGO, Feb. 14, 2018 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of Layne Christensen Company (NASDAQ:
LAYN) ("Layne Christensen") breached their fiduciary duties in
connection with the proposed sale of the Company to Granite
Construction Incorporated (NYSE: GVA) ("Granite Construction").
On February 14, 2018, Layne
Christensen announced that it had signed a definitive merger
agreement with Granite Construction. Under the terms of the
agreement, Layne Christensen shareholders will receive a fixed
exchange ratio of 0.270 Granite Construction shares for each share
of Layne Christensen common stock they own. This represents
$17.00 per Layne Christensen share,
based on the volume-weighted average prices for Granite
Construction and Layne Christensen shares over the past 90 trading
days. However, shareholders will be subject to the future price
fluctuation of Granite Construction's stock price.
The investigation concerns whether the Layne Christensen board
failed to satisfy its duties to the Company shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for Layne Christensen shares of common stock.
If you are a shareholder of Layne Christensen and
believe the proposed buyout price is too low or you're interested
in learning more about the investigation or your legal rights and
remedies, please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing,
please include a phone number.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonfistel.com. Attorney advertising. Past results do
not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP