Robbins Arroyo LLP: OM Group Inc. (OMG) May Have Breached Fiduciary Duties to Shareholders in Connection with its Proposed Sale to Affiliates of Apollo Global Management LLC (APO)
SAN DIEGO and CLEVELAND, June 17, 2015 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the recently proposed acquisitioned of OM Group Inc. (NYSE: OMG) by certain funds managed by affiliates of Apollo Global Management LLC (NYSE: APO). The merger agreement, which was announced on June 1, 2015, will provide OM Group shareholders with $34.00 in cash for each share of OM Group common stock.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/noteworthy-cases/om-group-inc
Is the Proposed Acquisition Fair for OM Group Shareholders?
Robbins Arroyo LLP is investigating the process that OM Group's board of directors undertook in agreeing to sell the company and whether the board sought to obtain the maximum value for shareholders.
The $34.00 merger consideration is significantly below a $49.00 target price set by an APB Financial Group analyst in March 2015. Financial analysts at BB&T Capital Markets and Northcoast Research have also appraised OM Group stock above the merger consideration, with target prices of $37.00 and $35.00, respectively. Moreover, the merger consideration's 17.9% premium, based on OM Group's closing price on May 1, 2015, is well below the average one month premium of 27% for comparable transactions within the past five years.
OM Group shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. OM Group shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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