A lawsuit was filed for investors in shares of B/E Aerospace Inc (NASDAQ:BEAV) in connection with the proposed takeover was announced and NASDAQ:BEAV stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/14/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of B/E Aerospace Inc (NASDAQ:BEAV), filed a lawsuit in effort to halt the proposed takeover of B/E Aerospace Inc. by Rockwell Collins for a value of $62.00 per share.
Investors who purchased shares of B/E Aerospace Inc (NASDAQ:BEAV) and currently hold any of those NASDAQ:BEAV shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BEAV stockholders by agreeing to sell B/E Aerospace Inc too cheaply via an unfair process to Rockwell Collins
On October 23, 2016, Rockwell Collins and B/E Aerospace Inc (NASDAQ:BEAV) announced that they have entered into an agreement under which Rockwell Collins will acquire B/E Aerospace for approximately $6.4 billion in cash and stock, plus the assumption of $1.9 billion in net debt. Under the terms of the agreement, each B/E Aerospace Inc (NASDAQ:BEAV) shareowner will receive total consideration of $62.00 per share, comprised of $34.10 per share in cash and $27.90 in shares of Rockwell Collins common stock, subject to a 7.5% collar.
However, the plaintiff claims that the proposed consideration NASDAQ:BEAV shareholders will receive is grossly inadequate and undervalues B/E Aerospace Inc. B/E Aerospace Inc reported that its annual Total Revenue rose from over $2.59 billion in 2014 to over $2.72 billion in 2015 and that its Net Income increased from $104.30 million in 2014 to $285.70 million in 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:BEAV stockholders.
Shares of B/E Aerospace Inc closed on December 13, 2016 at $59.57 per share.
Those who are current investors in B/E Aerospace Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com