Energy News / Shareholders Foundation, Inc.

NASDAQ: KLXI Investor Alert: Lawsuit Filed in Effort to Halt the Takeover of KLX Inc.

Via: ReleaseWire

Updated 11:45 AM CDT, Wed, July 18,2018

A lawsuit was filed for investors in shares of KLX Inc. (NASDAQ: KLXI) in connection with the proposed takeover and NASDAQ: KLXI stockholders should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 07/18/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of KLX Inc. (NASDAQ: KLXI), filed a lawsuit in effort to halt the proposed takeover of KLX Inc. by The Boeing Company for $63.00 per share.

Investors who purchased shares of KLX Inc. (NASDAQ: KLXI) and currently hold any of those NASDAQ: KLXI shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: KLXI stockholders by agreeing to sell KLX Inc. cheaply via an unfair process.

On May 01, 2018, KLX Inc. (NASDAQ:KLXI) announced its intention to sell its Aerospace Solutions Group business to The Boeing Company and to spin-off to KLX shareholders its Energy Services Group business. KLX announced that the Company has entered into a definitive agreement to sell the Aerospace Solutions Group to The Boeing Company for $63.00 per share in cash. The transaction with Boeing is valued at approximately $4.25 billion, including the assumption of approximately $995 million in net debt.

However, plaintiff claims that the proposed consideration NASDAQ:KLXI shareholders will receive is grossly inadequate and undervalues KLX Inc.. Indeed, at least one analyst has set the high price target at $80.00 per share and NASDAQ:KLXI shares reached in the open market as recently as April 27, 2018 as high as $82.50 per share. KLX Inc. reported that its Total Revenue rose from over $1.49 billion for the 12months period that ended on January 31, 2017 to over $1.74 billion for the 12 months period that ended on January 31, 2018 and that its Net Income for those respective time periods increased from $48.2 million to $53.4 million. In addition, the plaintiff alleges that the process is also unfair NASDAQ: KLXI stockholders

Those who are current investors in KLX Inc. (NASDAQ: KLXI) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/nasdaq-klxi-investor-alert-lawsuit-filed-in-effort-to-halt-the-takeover-of-klx-inc-1013167.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com