Robbins Umeda LLP Announces an Investigation of Global Industries, Ltd.
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 Global Industries, Ltd. (NASDAQ: GLBL) in connection with their efforts to sell the company to Technip S.A. (NYSE EuroNext Paris: TEC).
On September 12, 2011, Global announced that it had entered into a definitive merger agreement pursuant to which Technip will acquire all outstanding shares of the company in an all cash transaction. According to the terms of the deal, shareholders will receive $8.00 per share of Global they own. The transaction is expected to close in early 2012.
Robbins Umeda LLP’s investigation focuses on whether Global’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. On August 3, 2011, Global announced second quarter 2011 results that beat analyst estimates. The company reported revenue of $132.9 million, 9.11% higher than the $121.8 million reported in second quarter 2010, and better than the $123.4 million expected by analysts. Additionally, Global traded higher than the offer price on May 5, 2011, trading as high as $8.45, and closed higher than the offer price on May 4, 2011, closing at $8.77.
Furthermore, Robbins Umeda is investigating whether self-dealing and other employment guarantees played a part in the decision by the board to enter into the merger agreement with Technip. Upon closure, the officers of Global will continue to serve as the officers of the surviving corporation.
If you own stock in Global and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.