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 email@example.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.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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