Block & Leviton LLP Investigates NYSE Euronext's Board of Directors for Possible Breaches of Fiduciary Duty
BOSTON, Dec. 20, 2012 /PRNewswire/ -- Block & Leviton LLP (blockesq.com), a Boston-based law firm representing investors nationwide, is investigating possible breaches of fiduciary duty by the Board of Directors of NYSE Euronext ("Euronext" or the "Company") (NYSE: NYX) with regard to a proposed sale of the Company to IntercontinentalExchange, Inc. ("Intercontinental") (NYSE: ICE) in a stock-and-cash transaction currently valued at approximately $8.2 billion.
Under the terms of the agreement, Euronext shareholders will have the option to receive per-share consideration for their Euronext holdings of (i) $33.12 in cash, (ii) 0.2581 in Intercontinental common shares, or (iii) a mix of cash and stock, subject to a maximum aggregate cash consideration of approximately $2.7 billion (the rest of the consideration requires the Euronext shareholder to take Intercontinental stock). The Company has traded in the $30 range as recently as March 2012.
The investigation is focused on the potential unfairness of the price to Euronext shareholders and the process by which the Euronext Board of Directors considered and approved the transaction. Block & Leviton's investigation seeks to determine, among other things, whether the members of Euronext's Board of Directors have breached their fiduciary duty by failing to maximize shareholder value in the proposed transaction. If you have any information relevant to this investigation, or if you have questions about your legal rights, please contact Mark Delaney at 617-398-5650 or email him at firstname.lastname@example.org.
Block & Leviton is a Boston-based law firm representing investors for violations of the securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years.
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BLOCK & LEVITON LLP
Mark A. Delaney
SOURCE Block & Leviton LLP