Boston, MA 09/05/2014 (wallstreetpr) – According to reports, Harwood Feffer LLP has decided to start an investigation against Bolt Technology Corp. (NASDAQ:BOLT) with reference of its proposed acquisition by Teledyne Technologies Incorporated (NYSE:TDY).
What’s the matter:
Recently, Bolt Technology Corp. (NASDAQ:BOLT) announced that it entered into a definitive share purchase agreement according to which it would be acquired by TDY in a transaction valued around $171 million. As per the terms and conditions decided by both the companies, all the existing shareholders of BOLT will receive not more than $22.00 for each share of BOLT that they own. The offered price is well below the 52-weeks high price of the company $22.73. Shareholders are raising questions due to this decision of BOLT.
As per the statement given by the management of Harwood Feffer LLP, the proposed share price of BOLT shares is lesser than the 52-weeks high figure, which doesn’t sound good. The company has decided to start an investigation against BOLT in order to find if the Board of Directors of BOLT is doing its duty perfectly or not. Some of the concerns of the company are stated below-
- The Board of Directors of Bolt Technology Corp. (NASDAQ:BOLT) is performing their fiduciary duties or not?
- Are they able to maximize the value of the company through their services or not?
- Have they disclosed all the material facts related to profit and loss of the company in front of shareholders or not?
- If they have provided full consideration of the company to its shareholders or not?
The management of Harwood Feffer LLP has requested all the shareholders or anyone else who has any doubt regarding this investigation to get in touch with the company and clarify all the doubts. It has been representing individual investors for a long time in federal courts and state courts.
