An investigation on behalf of investors of Robbins & Myers, Inc. (NYSE:RBN) in connection with the takeover was announced and NYSE:RBN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/13/2012 -- An investigation on behalf of investors in Robbins & Myers, Inc. (NYSE:RBN) shares was announced concerning whether the offer by National Oilwell Varco, Inc to acquire Robbins & Myers, Inc. (NYSE:RBN. for $60.00 per NYSE:RBN share and the takeover process are unfair to investors in NYSE:RBN shares.
Investors who purchased shares of the Robbins & Myers, Inc. (NYSE:RBN) prior to August 9, 2012, and currently hold any of those NYSE:RBN shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of the Robbins & Myers, Inc. breached their fiduciary duties owed to NYSE:RBN investors in connection with the proposed acquisition.
On August 9, 2012, Robbins & Myers, Inc. (NYSE:RBN) and National Oilwell Varco, Inc. (NYSE:NOV) have entered into an agreement under which National Oilwell Varco will acquire Robbins & Myers in an all cash transaction that values Robbins & Myers at approximately $2.5 billion. Under the terms of the proposed transaction, Robbins & Myers' shareholders will receive $60.00 per share in cash in return for each of the approximately 42.4 million shares outstanding .
Following the takeover announcement NYSE:RBN shares jumped from $46.80 on August 8, 2012, to $59.68 on August 9, 2012.
However, at least one analyst has set the high target price for NYSE:RBN shares at $72.00 per share. In addition, Robbins & Myers’ financial performance improved over the past recent years. Its Total Revenue increased from $478.19 million for the 12 months period that ended on August 31, 2012, to $820.64 million for the 12months period that ended on August 31,, 2011 and its Net Income rose over the same time periods from $33.20 million to $134.01 million. Furthermore, shares of Robbins & Myers, Inc. (NYSE:RBN) grew from $21.80 per share on June 2010 to as high as $54.34 per share in July 2011.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to the NYSE:RBN stockholders.
Specifically given that Robbins & Myers' largest shareholder, M.H.M. & Co., Ltd, which owns approximately 10% of the outstanding common shares of Robbins & Myers ("Common Stock") has already agreed to vote its Common Stock in favor of the proposed transaction, the investigation focuses on whether the Robbins & Myers Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Robbins & Myers, Inc. (NYSE:RBN) and purchased their Robbins & Myers shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com