NEW YORK, July 20, 2015 /PRNewswire/ -- The fairness of the
proposed acquisition of Remy International, Inc. ("REMY" or the
"Company") by BorgWarner Inc. ("BorgWarner") is the subject of an
investigation by WeissLaw LLP, a national class action, shareholder
rights law firm. The investigation is focusing on possible
breaches of fiduciary duty and other violations of law by the Board
of Directors of REMY for agreeing to sell the Company to
BorgWarner. On July 13, 2015, the Company announced it
had reached a definitive agreement for BorgWarner to acquire REMY
in a transaction valued at approximately $1.2 billion. Under the terms of the
agreement, REMY shareholders will receive $29.50 in cash for each REMY share they
own.
WeissLaw is investigating whether REMY's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, prior to the agreement, at least one analyst set a target
price of $31.00 per share, or
$1.50 above the offer price. In
May, the Company announced positive financial results, reporting it
generated $12.2 million cash from
operations, and improved working capital turns by 4%.
Additionally, REMY also announced a 10% increase in its quarterly
dividend.
Given these facts, WeissLaw is investigating whether REMY's
Board acted in the best interests of REMY's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with BorgWarner. If you own
REMY shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin or
Kelly Keenan by telephone at
(888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP