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Spartech Corporation Investor files Lawsuit to Stop Buyout
A lawsuit was filed by an investor in Spartech Corporation shares in effort to block proposed takeover and NYSE-SEH stockholders should contact the Shareholders Foundation.
Investors who purchased shares of the Spartech Corporation prior to October 24, 2012, and currently hold any of those NYSE-SEH shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff claims that the defendants breached their fiduciary duties owed to NYSE-SEH stockholders. The plaintiff alleges that the defendants are selling Spartech Corporation at an unfair price via an unfair process.
On October 24, 2012, PolyOne Corporation and Spartech announced they have entered into an agreement, under which PolyOne will acquire Spartech. Under the terms of the agreement, Spartech stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock. Based on the closing price of PolyOne shares on Tuesday, October 23, Spartech stockholders will receive cash and stock valued at $8.00 per Spartech common share.
However, the plaintiff claims that the $8-offer is too low. In deed, shares of Spartech Corporation traded during 2010 as high as $14.52 per share. Furthermore, Spartech’s financial performance improved lately. For instance, it reported that its Total Revenue rose from over $1.02 billion million for the 52 weeks period that ended on October 30, 2010 to over $1.1 billion for the 52 weeks period that ended on Oct. 29, 2011 and its Net Loss over the same time periods decreased from $50.38 million to $23.38 million.
Those who are current investors in Spartech Corporation and purchased their Spartech Corporation shares prior to the announcement, have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.