SAN DIEGO and CLEVELAND, July 1,
2015 /PRNewswire/ -- Shareholder rights attorneys at
Robbins Arroyo LLP are investigating the recent acquisition of OM
Group Inc. (NYSE: OMG) by certain funds managed by affiliates of
Apollo Global Management LLC (NYSE: APO). Under the terms of the
June 1, 2015, OM Group shareholders
will receive $34.00 in cash for each
share of OM Group common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/noteworthy-cases/om-group-inc
Is the Proposed Acquisition Fair for OM Group
Shareholders?
On June 17, 2015, an OM Group
investor filed a class action lawsuit in Delaware Chancery Court challenging the
company's proposed acquisition. The complaint alleges that
the deal was made through an unfair negotiation process and that it
improperly buys shareholders out of a company that is headed for
success. Additionally, the complaint alleges that OM Group
and its directors breached their fiduciary duties of loyalty, good
faith, due care, and full disclosure to the class by not
considering other buyers before agreeing to the buyout.
Apollo is attempting to acquire OM Group for the $34.00 merger consideration that is significantly
below a $49.00 target price set by an
APB Financial Group analyst in March
2015. Financial analysts at BB&T Capital Markets
and Northcoast Research have also appraised OM Group stock above
the merger consideration, with target prices of $37.00 and $35.00,
respectively. Moreover, the merger consideration's 17.9% premium,
based on OM Group's closing price on May 1,
2015, is well below the average one month premium of 27% for
comparable transactions within the past five years. The class
action suit is thus seeking class certification and is requesting
the court to block the deal.
OM Group shareholders interested in information about their
rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP