An investigation on behalf of investors of Layne Christensen Company (NASDAQ:LAYN) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 02/28/2018 -- An investigation was announced for investors, who currently hold shares of Layne Christensen Company (NASDAQ:LAYN), concerning the takeover of Layne Christensen Company by Granite Construction Incorporated.
Investors who purchased shares of Layne Christensen Company (NASDAQ: LAYN) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain Layne Christensen directors breached their fiduciary duties owed to NASDAQ:LAYN investors in connection with the proposed acquisition.
On February 14, 2018, Granite Construction Incorporated (NYSE: GVA) and Layne Christensen Company (NASDAQ:LAYN) announced that they have entered into an agreement whereby Granite will acquire all of the outstanding shares of Layne in a stock-for-stock transaction valued at $565 million, including the assumption of net debt. Under the terms of the agreement, Layne Christensen Company (NASDAQ:LAYN) shareholders will receive a fixed exchange ratio of 0.270 Granite shares for each share of Layne common stock they own, or a value of $17.00 per Layne Christensen Company (NASDAQ:LAYN) share.
However, given that Wynnefield Capital, which has an approximate 9% voting interest in Layne Christensen Company, has already agreed to vote in favor of the transaction, the investigation concerns whether the offer is unfair to NASDAQ:LAYN stockholders. More specifically, the investigation concerns whether the Layne Christensen 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.
On, February 27, 2018, Layne Christensen Company (NASDAQ:LAYN) shares closed at $15.92 per share.
Those who are current investors in Layne Christensen Company (NASDAQ: LAYN) 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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