Newman Ferrara LLP Announces Investigation of Dresser-Rand Group Inc.
Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Dresser-Rand Group Inc. (“Dresser-Rand”) (NYSE:DRC) concerning its proposed sale to Siemens AG.
Under the terms of the proposed transaction, Dresser-Rand stockholders will receive $83.00 in cash for each share of Dresser-Rand stock owned. The proposed offer price represents a premium of only 3.9% to the $79.91 per share closing price of Dresser-Rand stock on September 19, 2014, the last trading day prior to the deal’s announcement. The $83.00 per share offer price also fails to provide any meaningful premium to the 52-week trading high of Dresser-Rand stock of $82.50 per share.
Should the proposed deal be completed, members of Dresser-Rand’s current management team will retain their roles with Siemens. The deal is expected to close by summer 2015.
Newman Ferrara’s investigation concerns whether Dresser-Rand’s Board of Directors has breached its fiduciary duties to act in the best interests of Dresser-Rand’s stockholders. The investigation focuses on the potential unfairness of the consideration being provided to Dresser-Rand’s stockholders and the process by which Dresser-Rand’s Board of Directors considered and approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy Shimon at email@example.com to discuss this investigation, their rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com.
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