Robbins Arroyo LLP: Acquisition of Tumi Holdings, Inc. (TUMI) by Samsonite International S.A. May Not Be in Shareholders' Bes...
05 March 2016 - 8:21AM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Tumi Holdings, Inc.
(NYSE:TUMI) by Samsonite International S.A. On March 3, 2016, the
two companies announced the signing of a definitive merger
agreement pursuant to which Samsonite International will acquire
Tumi Holdings. Under the terms of the agreement, Tumi Holdings
shareholders will receive $26.75 in cash for each share of Tumi
Holdings common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/tumi-holdings-inc
Is the Proposed Acquisition Best for Tumi Holdings and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Tumi Holdings is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
On February 24, 2016, Tumi Holdings reported strong earnings
results for its fourth quarter 2015. Specifically, Tumi Holdings
reported an 8.8% increase in adjusted net income of $25.8 million,
or $0.38 per diluted share. Additionally, Tumi holdings reported a
6.7% increase in adjusted net sales of $547.7 million for the year
of 2015, compared to $527.2 million in the year ended December 31,
2014. Tumi Holdings also reported adjusted EBITDA of $44.8 million,
an increase of 56.6% compared to $28.6 million for the third
quarter 2015. In commenting on these results, Tumi Holdings Chief
Executive Officer and President Jerome Griffith remarked, "Looking
ahead, we will continue to make strategic investments to support
our long-term growth initiatives and remain deeply committed to
creating innovative products with exceptional quality and
functionality for the global citizen…Overall, we are excited about
the growth opportunities ahead of us."
In light of these facts, Robbins Arroyo LLP is examining Tumi
Holdings' board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Tumi Holdings shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Tumi Holdings 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160304005788/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
Tumi Holdings, Inc. (delisted) (NYSE:TUMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tumi Holdings, Inc. (delisted) (NYSE:TUMI)
Historical Stock Chart
From Jul 2023 to Jul 2024