Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of Spartech Corporation (“Spartech” or the “Company”) (NYSE: SEH) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by PolyOne Corporation (“PolyOne”) (NYSE: POL) in a transaction valued at approximately $393 million, including the assumption of net debt.
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Under the terms of the proposal, public shareholders of Spartech will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech they own. Based on PolyOne’s closing stock price of $16.84 on October 23, 2012, Spartech shareholders would have received consideration valued at approximately $8.00 per share.
The investigation concerns whether Spartech’s board of directors failed to adequately shop the Company and obtain the best possible value for Spartech’s shareholders before entering into an agreement with PolyOne.If you own the common stock of Spartech and purchased your shares before October 24, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/spartech-corporation-seh. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.