SAN DIEGO, Calif. and
CHARLOTTE, N.C., Feb. 23, 2015 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP are investigating the
proposed acquisition of Polypore International, Inc. (NYSE: PPO) by
Asahi Kasei Corporation. On February
23, 2015, the two companies announced the signing of a
definitive merger agreement pursuant to which Asahi Kasei will
acquire Polypore. Under the terms of the agreement, Polypore
shareholders will receive $60.50 for
each share of Polypore common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/polypore-international-inc
Is the Proposed Acquisition Best for Polypore and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Polypore is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $60.50
merger consideration represents a premium of only 14.3% based on
Polypore's closing price on February
20, 2015. This premium is significantly below the
average one day premium of nearly 24.1% for comparable transactions
within the past five years. Further, the $60.50 merger consideration is significantly
below the target price of $62.00 set
by an analyst at Northland Securities Inc. on December 3, 2014.
On November 5, 2014, Polypore
reported strong quarterly earnings results for its third quarter
2014. Sales rose nine percent over the comparable quarter in fiscal
2013, from $152.0 million to
$165.5 million. As a result, Segment
Operating Income, Adjusted Net Income, Adjusted EPS, and Income
from Continuing Operations all saw an increase over the same period
in 2013.
In commenting on these results, Polypore President and Chief
Executive Officer Robert B. Toth
remarked, "Polypore delivered solid performance in the third
quarter, with each segment reporting growth. We continue to
generate substantial cash from operations, our balance sheet and
liquidity remain strong, and we have a solid foundation for growth
across all of our businesses."
In light of these facts, Robbins Arroyo LLP is examining
Polypore's 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.
Polypore 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. Polypore 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