Newman Ferrara LLP has begun an investigation into potential claims against the Board of Directors of Ceradyne, Inc. (“Ceradyne”) (Nasdaq: CRDN) concerning the proposed acquisition of Ceradyne by 3M Co. (“3M”) (NYSE: MMM).
On October 1, 2012, Ceradyne announced that it had entered into an agreement and plan of merger to be acquired by 3M in an all cash deal valued at approximately $670 million. Under the terms of the agreement, Ceradyne’s shareholders will receive $35.00 in cash for each share of Ceradyne stock owned. However, Ceradyne common stock has traded at a 52-week high of $36.61 per share and has traded at $49.91 per share as recently as May 11, 2011.
Ceradyne’s Board of Directors has unanimously approved the proposed merger agreement which is expected to close before the end of this year.
Newman Ferrara LLP’s investigation concerns whether Ceradyne’s Board of Directors has breached its fiduciary duties to act in the best interests of Ceradyne’s shareholders and to take all necessary steps to ensure that Ceradyne’s shareholders receive the maximum value readily available for their shares of Ceradyne common stock.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or
to discuss this investigation, their rights, or potential remedies.
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