WeissLaw LLP: Remy International, Inc. Acquisition By BorgWarner Inc. May Not Be In The Best Interest Of REMY Shareholders

Jul 22, 2015, 15:06 ET from WeissLaw LLP

NEW YORK, July 22, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Remy International, Inc. ("REMY" or the "Company") by BorgWarner Inc. ("BorgWarner") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm.  The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of REMY for agreeing to sell the Company to BorgWarner.  On July 13, 2015, the Company announced it had reached a definitive agreement for BorgWarner to acquire REMY in a transaction valued at approximately $1.2 billion.  Under the terms of the agreement, REMY shareholders will receive $29.50 in cash for each REMY share they own. 

WeissLaw is investigating whether REMY's Board acted to maximize shareholder value prior to entering into the agreement.  Notably, prior to the agreement, at least one analyst set a target price of $31.00 per share, or $1.50 above the offer price.  In May, the Company announced positive financial results, reporting it generated $12.2 million cash from operations, and improved working capital turns by 4%.  Additionally, REMY also announced a 10% increase in its quarterly dividend.  

Given these facts, WeissLaw is investigating whether REMY's Board acted in the best interests of REMY's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with BorgWarner.  If you own REMY shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin or Kelly Keenan by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.  

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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

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