An investigation on behalf of investors of KLX Inc. (NASDAQ: KLXI) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 05/07/2018 -- An investigation was announced for investors, who currently hold shares of KLX Inc. (NASDAQ: KLXI), concerning whether the takeover of KLX Inc. by The Boeing Company for $63.00 per share is unfair to NASDAQ: KLXI stockholders.
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 firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of KLX Inc. breached their fiduciary duties owed to NASDAQ: KLXI investors in connection with the proposed acquisition.
Wellington, FL based KLX Inc., together with its subsidiaries, provides aerospace fasteners, consumables, and logistics services worldwide. 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, given that at least one analyst has set the high price target at $80.00 per share and given that NASDAQ:KLXI shares reached in the open market as recently as April 27, 2018 as high as $82.50 per share, the investigation concerns whether the offer is unfair to NASDAQ: KLXI stockholders. More specifically, the investigation concerns whether the KLX 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.
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.
Shares of KLX Inc. (NASDAQ: KLXI) closed on May 4, 2018, at $71.14 per share.
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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