Harwood Feffer LLP Announces Investigation of Spartech Corporation
NEW YORK, Oct. 25, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Spartech Corporation ("Spartech" or the "Company") (NYSE: SEH) concerning the proposed acquisition of the Company by PolyOne Corporation ("PolyOne") in a cash and stock transaction valued at approximately $393 million.
The terms of the agreement provide that Spartech shareholders receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock, the combined value of which is $8.00. Piper Jaffray analyst Mike Ritzenthaler opined that PolyOne would be acquiring Spartech for a "relatively inexpensive price." He explained that "[the proposed transaction price] was not more than 7.5 times trailing earnings before interest, taxes, depreciation, and amortization (EBITDA), which is pretty low for a specialty chemicals company."
The firm's investigation concerns whether Spartech'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 Spartech's shareholders before entering into an agreement with PolyOne.
If you own Spartech 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