Buyout Alert - Zoltek - Law Firm Seeks Higher Price for Shareholders
NEW YORK, Sept. 27, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Zoltek Companies, Inc. (NASDAQ: ZOLT) on behalf of shareholders. Zoltek announced that it has entered into a merger agreement with Toray Industries, Inc. Under the terms of the agreement, Toray will acquire all of Zoltek's outstanding shares for $16.75 per share in cash, for a total equity value of approximately $584 million. In connection with the execution of the merger agreement, Zsolt Rumy, the Company's Chairman and Chief Executive Officer, entered into a voting agreement with Toray, in which Mr. Rumy agreed to vote his Company stock, representing approximately 18% of the Company's outstanding shares, in favor of the merger.
The investigation concerns whether Mr. Rumy and the other board of directors of Zoltek breached their fiduciary duties to shareholders by not engaging in a full and fair auction of the company so that shareholders could obtain the maximum value for their shares. Indeed, the stock of Zoltek has traded over $19 per share just recently.
If you are a shareholder of Zoltek and would like additional information regarding this matter and how it affects your rights as a shareholder at no cost or expense please contact us:
Tripp Levy PLLC is a national law firm with extensive experience in mergers and acquisitions and buyouts and has recovered millions for shareholders around the globe.
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SOURCE Tripp Levy PLLC