Block & Leviton LLP Investigates Gardner Denver, Inc. For Possible Breaches Of Fiduciary Duty In Connection With Its Potential Acquisition By SPX Corporation
BOSTON, Dec. 19, 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 Gardner Denver, Inc. ("Gardner Denver" or the "Company") (NASDAQ: GDI) concerning the discussed acquisition of the Company by SPX Corporation ("SPX") (NYSE: SPW).
News reports have estimated that the deal would be valued at approximately $85.00 for each Gardner Denver share owned. A transaction price of $85.00 per share represents a paltry 15% premium over the Company's share price prior to the most recent news reports. Moreover, the proposed price of $85.00 per share represents a premium of just 1% over the Company's 12-month high. Not surprisingly, the mean consensus amongst analysts is that the Company's stock price will "outperform" current estimates.
Block & Leviton's investigation seeks to determine, among other things, whether Gardner Denver's Directors would be breaching their fiduciary duties by failing to maximize shareholder value if the potential acquisition by SPX is consummated.
If you are a Gardner Denver shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Philip J. Marino, at (617) 398-5600 or email him at Philip@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 Philip J. Marino, Esq. Philip@blockesq.com (617) 398-5600 SOURCE Block & Leviton LLP
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