Barge lineÆs price raises questions
At least a dozen law firms say they are investigating whether stockholders of barge line American Commercial Lines Inc. are being offered a fair price for their shares.
Last week the barge line said it has entered into an agreement to be acquired by an affiliate of Platinum Equity, in a $777 million deal. Most shareholders would receive $33 per share and GVI Holdings Inc., which owns about a quarter of the company, would get $31.25 cash for each share of common stock it holds if the transaction closes before Dec. 31, and $33 per share thereafter.
Within hours, law firms began issuing press releases saying they were looking at the adequacy of the offer and possible breaches of fiduciary duty by the board of directors.
“The investigation concerns whether ACL's board of directors failed to adequately shop the company and obtain the best price possible for ACL's shareholders before entering into the agreement with Platinum,” said the law firm of Rigrodsky & Long of Wilmington, Del. The firm noted the company’s shares closed at $33.31 on Oct. 15, and one analyst had set a price target of $50 per share.
Other law firms making similar announcements include the Kendall Law Group of Dallas; Levi & Korinsky of New York; the Briscoe Law Firm of Dallas, Robbins Umeda of San Diego; Ryan and Maniskas of Wayne, Pa.; Howard G. Smith of Bensalem, Pa.; Levetown & Jenkins of Washington; Goldfarb Branham of Dallas; the Law Office of Abe Shainberg of New York; Finkelstein Thompson of Washington; and Brodsky & Smith of Bala Cynwyd Pa.
Barge line’s price raises questions
