O’Bell Law Firm, L.L.C. ("O’Bell"), Metairie based class action and securities litigation law firm, announces that it is commencing an investigation into the Board of Directors of Edgen Group Inc. ("Edgen" or the "Company") (NYSE: EDG) to determine whether it has breached its fiduciary duties and other possible violations of state law in connection with the sale of Edgen to Sumitomo Corporation. On October 1, 2013, Sumitomo Corporation announced a deal to buy Baton Rouge based Edgen. Under the terms of the transaction, Edgen shareholders will receive $12.00 for each share of Edgen stock they own. The transaction is approximately valued at $520 million.
The investigation is focused on the potential unfairness of the consideration to Edgen shareholders and whether Edgen’s Board of Directors acted in the shareholders’ best interest and properly shopped the company before entering into the acquisition agreement with Sumitomo Corporation. At least one analyst set a price target for EDG stock at $15.00 per share.
If you have information relevant to this investigation that you would like to share with us in furtherance of the shareholders’ interests in this matter, then please contact Eric J. O’Bell directly without obligation or cost to you at 504-456-8677; or by email to