SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of SL Industries, Inc. And Encourages Investors To Contact The Firm For Additional Information
Jun 23, 2015, 04:10 ET
STEVENSON, Md., June 23, 2015 /PRNewswire/ -- The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of SL Industries, Inc. ("SL" or the "Company") (NYSE MKT: SLI) relating to the proposed buyout of the Company by Handy & Harman Ltd. to acquire all outstanding shares of common stock of SL for a per share price of $43.00 to $45.00.
Handy & Harman is an affiliate of Steel Partners Holdings L.P., which beneficially owns 25.3% of SL's outstanding common stock, and two of the five members of SL's board of directors are affiliated with Handy & Harman, including SL's chairman.
The proposal contemplates that Company stockholders, other than Steel Partners Holdings, would be able to elect to receive cash or Handy & Harman stock (with Steel Partners Holdings electing to receive all stock), subject to proration so that the aggregate consideration consists of 55% cash and 45% Handy & Harman stock.
The investigation concerns whether Handy & Harman is improperly conflicted and seeks to determine, among other things, whether the Company's Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company's shares of common stock. For example, the proposed price range is significantly below SL's 52-week high of $50.15 per share.
If you currently own common stock of SL and believe that the proposed buyout price is too low, or you would like to learn more about the investigation being conducted by Brower Piven, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at [email protected] or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153
SOURCE Brower Piven, A Professional Corporation
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