mail@shareholdersfoundation.com
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Mar 30, 2010 -
An investigation on behalf of current investors in Bell Microproducts Inc. (NASDAQ:BELM)
concerning shareholder claims over possible breaches of fiduciary duty by the board of directors of Bell Microproducts Inc. was announced.
If you currently hold shares of Bell Microproducts Inc. (NASDAQ:BELM)
, you have certain options and you should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
The investigation by la aw firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Bell Microproducts Inc arising out of their attempt to sell Bell Microproducts Inc. (NASDAQ:BELM)
to Avnet, Inc. Bell Microproducts Inc, located in San Jose, California, is a distributor and reseller of data storage and server products and solutions, computer component products and peripherals, as well as a range of software applications. Bell Microproducts Inc. reported in 2007 Total Revenue of $3.94991billion, in 2008 Total Revenue of $3.5795billion, and in 2009 Total Revenue of $3.02117billion with a Net Income of $7.52million. On Monday, March 29, 2010, Bell Microproducts Inc. (Nasdaq:BELM)
announced that it has entered into a definitive agreement to be acquired by Avnet, Inc. in an all cash merger for $7.00 per share or a total transaction value of approximately $594 million is based upon an equity value of approximately $252 million and a Bell debt position, at face value and net of cash, of $342 million at December 31, 2009. According to Bell Microproducts the acquisition has been approved by the Boards of Directors of both companies.
Shares of Bell Microproducts Inc. (BLEM) traded after the announcement at $6.91 per share, and at $5.50 the trading day before the news.
But according to one investigation by a law firm “concerns whether the Bell Microproducts Inc. Board of Directors breached their fiduciary duties to Bell Microproducts (NASDAQ:BELM)
stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of Bell Microproducts Inc., and whether Avnet, Inc is underpaying for Bell Microproducts Inc, thus unlawfully harming Bell Microproducts Inc. (BELM) stockholders.”
Those who are currently long term investors in shares of Bell Microproducts Inc. (NASDAQ:BELM)
, you have certain options and you should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
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http://www.prlog.org/10600377/1The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon
