STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the board of directors of Lorillard, Inc. (“Lorillard” or the “Company”) (NYSE: LO) relating to the proposed buyout of the Company by Reynolds American Inc. (“Reynolds”).
On July 15, 2014, Lorillard and Reynolds announced that they had entered into a definitive agreement pursuant to which Reynolds will acquire Lorillard in a merger valued at approximately $27.4 billion. Under the terms of the transaction, Lorillard shareholders will receive $50.50 in cash and 0.2909 shares of Reynolds common stock for each share of Lorillard stock they own, representing an approximate value of $68.88 per share.
The firm’s investigation seeks to determine, among other things, whether the Company’s board of directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into this transaction, and whether Reynolds is underpaying for Lorillard shares.
If you currently own common stock of Lorillard and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
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