Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Coleman Cable, Inc. (“Coleman” or the “Company”) (NASDAQ:CCIX) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Southwire Co in a cash deal valued at approximately $492 million. Under the terms of the proposed transaction, Coleman’s stockholders will receive $26.25 per share for each share of Coleman common stock they own. Southwire’s offer is only at a premium of about 7 percent to Coleman stock’s Thursday close and some analysts have given a price target as high as $28.00 per share.
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The investigation focuses on whether the Company’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Coleman’s shareholders.
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