NEW YORK, Sept. 20, 2018 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of MPM Holdings, Inc. ("MPMQ" or the "Company") (OTC: MPMQ) in connection with the proposed acquisition of the Company by a consortium of investors which includes Seoul-based chemical company, KCC Corp. (the "Investors"). Under the terms of the acquisition agreement, shareholders will receive $32.50 in cash for each MPMQ share they own.
If you own MPMQ shares and wish to discuss this investigation or have any questions concerning this notice or your rights or interests, please contact:
1500 Broadway, 16th Floor
New York, NY 10036
Or visit our website
WeissLaw is investigating whether MPMQ's Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company's shares traded for $42.00 per MPMQ share, or $9.50 above the offer price, the day before the acquisition announcement. Additionally, the acquisition is a strategic transaction from which the Investors will benefit greatly. The addition of MPMQ's two dozen global manufacturing facilities will propel KCC Corp—currently ranked fifth in the world—as the second largest maker of silicones, resins, and adhesives.
Moreover, the Company announced double-digit growth in its latest financial release. It reported net sales of $704 million and segment EBITDA of $113 million in the second quarter of 2018, representing increases of 19% and 53%, respectively, when compared to the figures reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether MPMQ's Board acted in the best interests of MPMQ's public shareholders to maximize shareholder value prior to entering into the agreement.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com.
SOURCE WeissLaw LLP