DALLAS, Jan. 30, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Thomas & Betts Corporation ("Thomas & Betts" or "TNB") (NYSE: TNB) to Swiss-based ABB for shareholders. Under the proposed transaction, Thomas & Betts shareholders will receive $72.00 in cash for each share of Thomas & Betts/TNB stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected]. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash transaction valued at approximately $3.9 billion. The transaction is expected to close by the middle of 2012.
The investigation centers on whether Thomas & Betts shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Thomas & Betts' stock, and whether Thomas & Betts' board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. According to shareholder rights attorney Willie Briscoe, "Although the acquisition price represents an approximate 24% premium over the closing price of Thomas & Betts shares the day prior to the buyout announcement, Thomas & Betts recently reported positive financial results for its 2011 fourth quarter, including a 13.4% increase in net sales and a 31% increase in net earnings from continuing operations. Based on these and other factors, we are investigating whether the transaction undervalues Thomas & Betts stock. Our lawsuit will seek to obtain the highest share price for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.