Kendall Law Group Announces Lawsuit on Behalf of Wesco Financial Corp. Shareholders
September 01 2010 - 4:58PM
Business Wire
Kendall Law Group, a national securities firm led by a former
federal judge with attorneys that include a former U.S. Attorney,
announces a lawsuit filed on behalf of Wesco Financial Corp.
(AMEX:WSC) shareholders in connection to the proposed buyout by
Berkshire Hathaway Inc. The purpose of the lawsuit is to determine
whether Wesco and its Board breached their fiduciary duties by
entering into the agreement without properly shopping for a deal
that would provide better value for shareholders. Wesco
shareholders are urged to contact the Kendall Law Group for more
information at 877-744-3728 or by email at
skendall@kendalllawgroup.com.
On August 26, 2010, Berkshire Hathaway announced that it plans
to buy the 19.9% stake it doesn't already own by paying an amount
equal to Wesco's book value per share. Under the terms of the
agreement, Wesco stockholders can choose to receive $353 in cash or
Berkshire Class B shares, or a combination of the two for each
share of Wesco stock held. Berkshire Hathaway currently owns 80.1%
of Wesco. The complaint, filed on August 31, 2010, alleges that the
consideration offered in the agreement to acquire Wesco is
inadequate and unfair.
Kendall Law Group was founded by former federal judge Joe
Kendall, includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in numerous merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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