NEW YORK, May 26, 2016 /PRNewswire/ -- Milberg LLP is investigating possible breaches of fiduciary duty and other violations of law in connection with the proposed acquisition of Mines Management, Inc. (NYSE MKT: MGN, TSX: MGT) ("Mines Management") to Hecla Mining Company (NYSE: HL) ("Hecla").
On May 24, 2016, Mines Management and Hecla announced a merger agreement with Hecla acquiring Mines Management. In the proposed merger, each outstanding common share of Mines Management will be exchanged for 0.2218 of a common share of Hecla. This represents approximately $0.94 per share when based on the closing price of Hecla stock on the last business day prior to the merger announcement. However, the approximately $0.94 merger consideration is substantially below at least one analyst target price of $4.00 per share.
Milberg LLP's investigation is focusing on the potential unfairness of the consideration being provided to Mine Management's stockholders and the process by which Mine Management's Board of Directors considered and approved the proposed deal.
Concerned investors are invited to contact the Milberg attorneys listed below to discuss the investigation, their rights, and/or potential remedies.
Founded in 1965, Milberg LLP was one of the first law firms to prosecute class actions in federal courts on behalf of investors and consumers and has been representing investors and consumers for more than four decades, and has recovered billions of dollars on behalf of aggrieved stockholders and consumers in complex class and derivative litigation nationwide. Milberg LLP, with offices in Manhattan, Los Angeles and Detroit, is widely recognized as a leader in defending the rights of victims of corporate and other large-scale wrongdoing, serving as lead counsel in federal and state courts throughout the United States. For more information, please visit the firm website at www.milberg.com.
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SOURCE Milberg LLP