Buyout Alert - Zoltek - Law Firm Seeks Higher Price for Shareholders
NEW YORK, Sept. 27, 2013
NEW YORK, Sept. 27, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national
securities and shareholder rights law firm, announces that it is investigating
the acquisition of Zoltek Companies, Inc. (NASDAQ: ZOLT) on behalf of
shareholders. Zoltek announced that it has entered into a merger agreement
with Toray Industries, Inc. Under the terms of the agreement, Toray will
acquire all of Zoltek's outstanding shares for $16.75 per share in cash, for a
total equity value of approximately $584 million. In connection with the
execution of the merger agreement, Zsolt Rumy, the Company's Chairman and
Chief Executive Officer, entered into a voting agreement with Toray, in which
Mr. Rumy agreed to vote his Company stock, representing approximately 18% of
the Company's outstanding shares, in favor of the merger.
The investigation concerns whether Mr. Rumy and the other board of directors
of Zoltek breached their fiduciary duties to shareholders by not engaging in a
full and fair auction of the company so that shareholders could obtain the
maximum value for their shares. Indeed, the stock of Zoltek has traded over
$19 per share just recently.
If you are a shareholder of Zoltek and would like additional information
regarding this matter and how it affects your rights as a shareholder at no
cost or expense please contact us:
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975
Tripp Levy PLLC is a national law firm with extensive experience in mergers
and acquisitions and buyouts and has recovered millions for shareholders
around the globe.
Attorney Advertising. Prior results do not guarantee a similar outcome.
SOURCE Tripp Levy PLLC
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