NEW YORK, Nov. 4, 2016 /PRNewswire/ -- Nadeem Faruqi, founding partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Metaldyne Performance Group Inc. ("Metaldyne" or the "Company") (NYSE: MPG) for potential breaches of fiduciary duties in connection with the sale of the Company to American Axle & Manufacturing Holdings Inc. ("American Axle") for approximately $1.6 billion.
The Company's stockholders will only receive $13.50 per share in cash and 0.5 shares of American Axle common stock for each share of Company common stock they own, or approximately $20.34 per share based on American Axle's closing price on November 3, 2016. However, this consideration is below at least one analyst's price target of $21.00 per share and Metaldyne's 52-week high of $23.15 per share.
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The investigation focuses on whether Metaldyne'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 Metaldyne's shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
Faruqi & Faruqi, LLP is working together in this investigation with Juan E. Monteverde from Monteverde & Associates PC.
If you own common stock in Metaldyne and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/MPG or contact Nadeem Faruqi, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330. You may also contact Juan E. Monteverde, Esq. either via email at email@example.com or by telephone at (212) 971-1341.
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