BOSTON, Jan. 27, 2012 /PRNewswire/ -- Block & Leviton LLP ( blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duties by the Board of Directors of Solutia Inc. ("Solutia" or the "Company") (NYSE: SOA) with regards to the proposed acquisition of the Company by Eastern Chemical Company ("Eastern Chemical") (NYSE: EMN). Under the terms of the proposed transaction, Solutia shareholders would receive $22 in cash and 0.12 shares of Eastern Chemical for each share of Solutia common stock. This amounts to a total offer price of $27.65 per share, based on Eastern Chemical's closing price of $47.12 yesterday.
Block & Leviton's investigation seeks to determine, among other things, whether Solutia's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed transaction. More specifically, at least one analyst has valued Solutia at $31.00 per share, suggesting that the $27.65 offer price is inadequate.
If you are a Solutia shareholder and have questions about your legal rights, please contact Whitney Street of Block & Leviton LLP at (617) 398-5630 or email her at firstname.lastname@example.org.
Block & Leviton is a Boston-based law firm representing investors for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 40 years.This notice may constitute attorney advertising. SOURCE Block & Leviton LLP