NEW YORK, July 29, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Cytec Industries Inc. ("Cytec" or the "Company") (NYSE : CYT ) for potential breaches of fiduciary duties in connection with the sale of the Company to Solvay SA for approximately $5.5 billion in a cash transaction.
The Company's stockholders will only receive $75.25 for each share of Company common stock they own. While the offer represented a premium of 28.9% compared to the closing price of $58.39 on July 28, 2015, it now represents a negligible premium compared to the opening price of approximately $73.91 on July 29, 2015. Furthermore, the share price is expected to continue climbing.
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The investigation focuses on whether Cytec'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 Cytec's shareholders.
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If you own common stock in Cytec and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/CYT or contact Juan E. Monteverde, Esq. either via e-mail at email@example.com or by telephone at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan E. Monteverde, Esq.
Toll Free: (877) 247-4292
Phone: (212) 983-9330
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