SOURCE: Shareholders Foundation
SAN DIEGO, CA--(Marketwire - Nov 19, 2012) - The Shareholders Foundation, Inc. announces that an investor in Titanium Metals Corp (TIE) shares filed a lawsuit to block the proposed takeover of Titanium Metals Corp by Precision Castparts Corp. at $16.50 per TIE share.
Investors who purchased shares of Titanium Metals Corp (TIE) prior to November 09, 2012 and currently hold any of those Titanium Metals Corp (TIE) shares, have certain options and should contact the Shareholders Foundation, Inc. at firstname.lastname@example.org or call +1 (858) 779-1554.
On November 9, 2012, Titanium Metals Corporation announced that it has entered into a merger agreement under which Precision Castparts Corp. has agreed to acquire all of the common stock of Titanium Metals Corporation for $16.50 per share in cash.
However, the plaintiff alleges that the $16.50 offer is unfair to TIE investors and undervalues the company. Indeed, at least one analyst has set the high target price for TIE shares at $20.00 per shares and TIE shares traded in October 2011 as high as $17.73 per share and in early 2011 as high as $20.14 per share, thus well above the current offer.
Furthermore the plaintiff claims that the process is also unfair to TIE stockholders. In fact, Titanium Metals Corporation's principal stockholders Contran Corporation and certain of its affiliates, who collectively hold approximately 45% of the outstanding shares of Titanium Metals Corporation common stock, have already committed to tender their shares in the tender offer.
Those who currently are investors in Titanium Metals Corp (TIE) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.