Barrett Johnston, LLC Announces Investigation Of Titanium Metals Corporation
NASHVILLE, Tenn., Nov. 12, 2012 /PRNewswire/ -- Barrett Johnston, LLC is investigating the Board of Directors of Titanium Metals Corporation ("TIMET" or the "Company") (NYSE: TIE) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Precision Castparts Corp. ("PCC"). Under the terms of the agreement, which was approved by the boards of directors of both companies, TIMET shareholders will only receive $16.50 per share in cash.
Our investigation concerns whether the transaction may undervalue the Company and result in a substantial loss for many TIMET shareholders. In its last two press releases announcing its quarterly results the Company has noted its ability for sustained growth over the next several years. For example, in its press release announcing its 3Q12 results on the same day of the announcement of the merger agreement, Bob O'Brian, TIMET's President and CEO commented that the commercial aerospace sector is poised for sustained growth over the next several years. Moreover, several analysts have set a median price target for TIMET of $17.00, a high target of $20.00 and at least one other financial site has set a 12 month consensus price target of $18.50, all of which are above the $16.50 merger price.
If you own shares of TIMET, 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 Timothy L. Miles, Esquire, of Barrett Johnston, LLC, 217 Second Avenue, North, Nashville, TN 37201 by telephone at (615) 244-2202 (Ex. 24), Toll Free at (866) 263-0668, or by email to firstname.lastname@example.org, or visit our website at http://www.barrettjohnston.com.
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