NEW YORK, July 27, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Magnetek, Inc. ("Magnetek" or the "Company") (NASDAQ: MAG) for potential breaches of fiduciary duties in connection with the sale of the Company to Columbus McKinnon Corporation for approximately $188.9 million.
The Company's stockholders will only receive $50.00 for each share of Company common stock they own. The offer represents a very small premium compared to analysts' median target price of $45.00 per share and a negligible premium compared to the opening price on July 27, 2015.
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The investigation focuses on whether Magnetek'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 Magnetek's shareholders.
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If you own common stock in Magnetek and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/MAG 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.
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