SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Polypore International, Inc. And Encoura...
February 24 2015 - 8:16PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Polypore International, Inc.
(“Polypore” or the “Company”) (NYSE: PPO) relating to the proposed
buyout of the Company by Asahi Kasei Corp. (“Asahi Kasei”).
On February 23, 2015, Polypore announced that it had agreed to
be sold in a two-part, all cash deal valued at $3.2 billion. Under
the terms of the transaction, Asahi Kasei, will purchase the
Company for $60.50 per share in cash. As an integrated step in this
transaction, immediately prior to Asahi Kasei’s acquisition of
Polypore, 3M Company will acquire the assets of Polypore’s
Separations Media segment for approximately $1.0 billion and Asahi
Kasei will receive the cash proceeds from the asset sale. The
definitive agreements require that the closings of the transactions
are conditioned upon one another.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock. In particular, according to Yahoo! Finance, at least one
Wall Street analyst has issued a price target for Polypore stock at
$62.00 per share.
If you currently own common stock of Polypore and would like to
learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com