Harwood Feffer LLP Announces Investigation of Cascade Corporation
NEW YORK, Oct. 22, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Cascade Corporation ("Cascade" or the "Company") (NYSE: CASC) concerning the proposed acquisition of the Company by Toyota Industries Corporation ("TICO") in a transaction valued at approximately $759 million.
On October 22, 2012, Cascade announced that it had entered into a definitive agreement under which TICO will acquire 100% of the Company's stock for $65 per share by means of a cash tender offer to commence no later than November 5, 2012. Upon completion of the tender offer, a merger of the companies would then be effected subject to certain conditions resulting in the Company becoming a wholly owned subsidiary of TICO. The proposed tender offer price constitutes only an 18% premium over the closing price of the Company's stock on Friday, October 19, 2012, the last trading day prior to the announcement.
According to the Company's press release, the agreement provides that Cascade's President and CEO, Robert C. Warren, Jr., will continue to lead the Company's business after the merger. Mr. Warren and Warren Holdings, LLC, a family-managed limited liability company, have entered into tender agreements with TICO covering their combined 14% holdings of the Company's stock. The transaction is expected to close by the end of 2012.
The firm's investigation concerns whether Cascade's board of directors breached its fiduciary duties by failing to adequately solicit competing bidders for the Company and obtaining the best possible value for Cascade's shareholders before entering into an agreement with TICO.
If you own Cascade shares and wish to discuss your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr. Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising© 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP