Robbins Umeda LLP Is Investigating International Coal Group, Inc. for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of International Coal Group, Inc. (NYSE: ICO). The 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 International Coal in connection with their efforts to sell International Coal to Arch Coal, Inc. (NYSE: ACI).
On May 2, 2011, Arch Coal and International Coal announced they have signed a definitive agreement under which Arch Coal will acquire all outstanding shares of International Coal for $14.60 per share. The transaction is structured as a tender offer to be followed as soon as possible by a merger. The tender offer is expected to commence in mid-May. The transaction is expected to be completed in the second quarter of 2011. The investigation focuses on whether International Coal’s board is undertaking a fair process to obtain maximum value for its shareholders. Notably, on April 27, 2011, International Coal increased its coal production guidance. In particular, it increased its guidance for the volume of high volume A products from its Tygart mine by 50% from its previous estimates and its guidance midpoint for its Beckley operation by .05mn tons.
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