Robbins Umeda LLP Announces an Investigation of Arch Chemicals, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Arch Chemicals, Inc. (NYSE: ARJ) in connection with their efforts to sell the company to Lonza Group Ltd. (SIX: LONN).
On July 11, 2011, Arch Chemicals announced that it had entered into a definitive merger agreement under which Lonza Group Ltd. will acquire all outstanding shares of the company in a cash tender offer. Under the terms of the agreement, on July 15, 2011, Lonza Group Ltd. is expected to commence a tender offer to acquire outstanding shares of Arch Chemicals for $47.20 per share. The transaction is expected to close in fiscal year 2011.
The investigation focuses on whether Arch Chemical’s board is undertaking a fair process to obtain maximum value and adequately compensate shareholders in light of the company’s recent positive financial results. Arch Chemicals reported first quarter results for fiscal year 2011 that exceeded analyst expectations. On May 3, 2011, the company reported $325.5 million in revenue for the quarter, a 9% increase over the same quarter in the prior year, and above analyst expectations of only $316.5 million.
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