NEW YORK, Dec. 14, 2015 /PRNewswire/ -- The proposed acquisition of Blount International, Inc. ("BLT" or the "Company") by affiliates American Securities LLC and P2 Capital Partners LLC (the "Affiliates") is being investigated by WeissLaw LLP for possible breaches of fiduciary duty and other violations of law by the Board of Directors of BLT. On December 10, 2015, the Company announced that the Board unanimously approved a definitive agreement for the Affiliates to acquire all outstanding shares of BLT in an all-cash transaction valued at approximately $855 million. Under the terms of the agreement, shareholders of BLT will receive $10.00 in cash for each BLT share they own.
WeissLaw is investigating whether BLT's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company's shares traded as high as $17.97 per share in the past 52 weeks and BLT recently announced positive financial results. It reported EBITDA of $30.00 million in the third quarter of 2015, as compared with $26.9 million in the previous quarter. This represents an increase of $3.1 million or 11% sequentially.
Given these facts, WeissLaw is investigating whether BLT's Board acted in the best interests of BLT's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with the Affiliates. If you own BLT shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP