San Diego, CA -- (ReleaseWire) -- 01/22/2014 -- An investor who currently holds Coleman Cable, Inc. (NASDAQ:CCIX) shares filed a lawsuit in effort to halt the proposed takeover of Coleman Cable, Inc. by Southwire Company for $26.25 per share.
Investors who purchased shares of Coleman Cable, Inc. (NASDAQ:CCIX) and currently hold any of those NASDAQ:CCIX shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CCIX stockholders arising out of the attempt to sell Coleman Cable, Inc. too cheaply via an unfair process to Southwire Company
On December 20, 2013, Southwire Company and Coleman Cable, Inc. announced that the companies have entered into a merger agreement under which Southwire Company will acquire Coleman Cable, Inc for$26.25 per share in cash. The transaction values Coleman Cable, Inc at approximately $786 million, including the assumption of $294 million in net debt.
However, the plaintiff alleges that the offer is too low and undervalues Coleman Cable, Inc. and that the process is unfair to NASDAQ:CCIX investors. At least one analyst has set the high target price for NASDAQ:CCIX shares at $28.00 per share and that Coleman Cable shares jumped following the takeover news in the open market to $26.40 per share
Coleman Cable, Inc. reported that its annual Total Revenue rose from $504.15 million in 2009 to $914.58 million in 2012 and that its respective Net Loss of $67.02 million in 2009 turned into a Net Income of $23.50 million in 2012.
Shares of Coleman Cable, Inc. (NASDAQ:CCIX) rose from $1.44 per share in March 2009 to as high as $24.92 per share in November 2013.
On December 20, 2013, NASDAQ:CCIX shares closed at $26.40 per share.
Those who are current investors in Pacer International, Inc. shares have certain options and should contact the Shareholders Foundation.
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