SAN DIEGO and PORTLAND,
Ore., Aug. 10, 2015 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Precision Castparts Corp
(NYSE: PCP) by Berkshire Hathaway Inc. (NYSE: BRK/A). On
August 10, 2015, the two companies
announced the signing of a definitive merger agreement pursuant to
which Berkshire Hathaway will acquire Precision. Under the
terms of the agreement, Precision shareholders will receive
$235.00 in cash for each share of
Precision common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/precision-castparts-corporation
Is the Proposed Acquisition Best for Precision and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Precision is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $235.00
merger consideration represents a premium of only 23.1% based on
Precision's closing price on July 10,
2015. This premium is significantly below the average
one-month premium of nearly 37.4% for comparable transactions
within the past five years. Further, the $235.00 merger consideration is significantly
below the target price of $299 set by
an analyst at BOE Securities, $252
set by an analyst at Buckingham Research Group, and $244 set by an analyst at UBS, on June 6, May 19, and
April 20, 2015, respectfully.
In the last three years, Precision traded as high as $275.09 on June 9,
2014, and most recently traded above the merger
consideration – at $238.03 – on
January 5, 2015.
Precision shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. Precision shareholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP