Smurfit-Stone Container Corporation Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by RockTenn Company
January 24 2011 - 10:26AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor LLP are investigating potential legal claims against
the Board of Directors of Smurfit-Stone Container Corporation
(“Smurfit-Stone” or “SSCC”) (NYSE: SSCC) related to the proposed
buyout of Smurfit-Stone by RockTenn Company (“RockTenn”) (NYSE:
RKT). The investigation relates to the fairness of the proposed
transaction to Smurfit-Stone shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Smurfit-Stone for approving this transaction, and
whether Smurfit-Stone’s Board of Directors acted in the
shareholders’ best interests.
The definitive merger agreement involves a 50% cash and 50%
stock transaction valued at approximately $3.5 billion, which is
expected to close in the second quarter of 2011. Under the proposed
transaction, Smurfit-Stone shareholders will receive a cash payment
of $17.50 and a fixed-ratio of 0.30605 shares of RockTenn stock for
each share of Smurfit-Stone/SSCC common stock they hold. Following
the acquisition, Smurfit-Stone will become a wholly owned
subsidiary of RockTenn. In the 2 weeks prior to the announcement,
Smurfit-Stone shares closed as high as $28 per share. “Based on the
lack of an appreciable premium to shareholders, and other factors,
we have concern whether the proposed acquisition is fair to
Smurfit-Stone shareholders, and we want to ensure that the
shareholders are receiving the maximum value for their stock,” said
shareholder rights attorney Willie Briscoe.
If you currently own shares of Smurfit-Stone/SSCC and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor LLP, toll free (877)
728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe
at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via
email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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