PRLog - Nov. 5, 2012 - SAN DIEGO -- An investor in NASDAQ:CRDN shares filed a lawsuit in effort to stop the proposed buyout of Ceradyne, for $35.00 per NASDAQ:CRDN share.
Investors who purchased shares of the Ceradyne, Inc. (NASDAQ:CRDN)
The plaintiff alleges that directors of Ceradyne, Inc. breached their fiduciary duties owed to NASDAQ:CRDN investors arising out of the attempt to sell the company too cheaply via an unfair process to 3M.
On October 1, 2012, 3M (NYSE:MMM) and Ceradyne, Inc. (NASDAQ:CRDN)
However the plaintiff claims that the $35.00offer is unfair to NASDAQ:CRDN stockholders and undervalues the company. Indeed, NASDAQ:CRDN shares traded earlier this year as high as $34.64 per share, thus decreasing the premium significantly. Furthermore, at least one analyst has set the high target price of NASDAQ:CRDN shares at $37.00 per share, thus well above the current offer. In addition, Ceradyne, Inc. performed well for its investors in the past. For instance, Ceradyne, Inc. (NASDAQ:CRDN)
Those who are current investors in Ceradyne, Inc. (NASDAQ:CRDN)