NEW YORK, Dec. 14, 2015 /PRNewswire/ -- The proposed
acquisition of Blount International, Inc. ("BLT" or the "Company")
by affiliates American Securities LLC and P2 Capital Partners LLC
(the "Affiliates") is being investigated by WeissLaw LLP for
possible breaches of fiduciary duty and other violations of law by
the Board of Directors of BLT. On December 10, 2015, the Company announced that the
Board unanimously approved a definitive agreement for the
Affiliates to acquire all outstanding shares of BLT in an all-cash
transaction valued at approximately $855
million. Under the terms of the agreement,
shareholders of BLT will receive $10.00 in cash for each BLT share they own.
WeissLaw is investigating whether BLT's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, the Company's shares traded as high as $17.97 per share in the past 52 weeks and BLT
recently announced positive financial results. It reported
EBITDA of $30.00 million in the third
quarter of 2015, as compared with $26.9
million in the previous quarter. This represents an
increase of $3.1 million or 11%
sequentially.
Given these facts, WeissLaw is investigating whether BLT's Board
acted in the best interests of BLT's public shareholders by
actively shopping the Company to maximize shareholder value prior
to entering into the agreement with the Affiliates. If you
own BLT 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/.
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SOURCE WeissLaw LLP