MILWAUKEE, Aug. 10, 2015 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Precision Castparts for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Precision Castparts to Berkshire.
Click here to learn how to join the action: http://www.ademilaw.com/case/precision or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Precision Castparts’s long-term financial outlook is positive and yet shareholders will receive only the equivalent of approximately $235 per share. Berkshire is well aware of Precision Castparts’s improving financial metrics and is purchasing Precision Castparts at a substantial discount. The merger agreement unreasonably limits prospective bids by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Precision Castparts receive and accept a superior bid. Precision Castparts’s insiders and their affiliates own significant stock, and will receive millions of dollars as part of change of control arrangements. These insiders can unduly influence a sale of Precision Castparts, which may not be in the best interests of non-insider shareholders. Our investigation centers on the conduct of Precision Castparts’s Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Precision Castparts given its current financial condition and prospects.
If you own shares of Precision Castparts and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/Precision Castparts.
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