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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV