NEW YORK, Aug. 31, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Belk Inc. ("Belk" or the "Company") (OTC MKTS: BLKIA) for potential breaches of fiduciary duties in connection with the sale of the Company to Sycamore Partners for approximately $3.0 billion in a cash transaction.
The Company's stockholders will only receive $68.00 for each share of Company common stock they own. The offer represents a negligible premium over the Company's opening price per share of $66.75 on August 24, 2015 and the stock is expected to continue climbing due to record online sales.
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The investigation focuses on whether Belk's Board of Directors breached their fiduciary duties to the Company's stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Belk's shareholders.
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If you own common stock in Belk and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/BLKIA.
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