Block & Leviton LLP Investigates Intermec Inc. For Possible Breaches Of Fiduciary Duty In Connection With Its Acquisition By Honeywell International Inc.
BOSTON, Dec. 10, 2012 /PRNewswire/ -- Block & Leviton LLP ( www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Intermec Inc. ("Intermec" or the "Company") (NYSE: IN) concerning the proposed acquisition of the Company by Honeywell International Inc. ("Honeywell") in a cash transaction scheduled to close by the second quarter of 2013.
Under the terms of the proposed merger agreement, Honeywell will acquire Intermec in a cash deal for approximately $10.00 per Intermec share, setting a value for the Company at approximately $600 million. However, it appears that this price fails to take into account the fact that Intermec common stock has been steadily climbing, gaining 16% just since November 1, 2012, and nearly 40% since May, 2012. Moreover, the Company recently announced a $17.7 million improvement in adjusted operating profit with a $21 million incremental increase in revenue. As such, it appears that the transaction premium offers insufficient recognition of Intermec's growth potential.
Block & Leviton's investigation seeks to determine, among other things, whether Intermec's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Honeywell and the overall fairness of the process by which the Intermec Directors considered and approved the transaction.
If you are an Intermec shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at (617) 398-5600 or email him at Steven@blockesq.com.Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising. Contact: BLOCK & LEVITON LLP Steven P. Harte, Esq. email@example.com (617) 398-5600 SOURCE Block & Leviton LLP
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