An investigation for investors in NASDAQ:NTK shares was announced concerning whether the takeover of Nortek Inc. by Melrose Industries PLC for $86.00 per share is unfair to NASDAQ:NTK stockholders.
Investors who purchased shares of Nortek Inc (NASDAQ:NTK) and currently hold any of those NASDAQ:NTK shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain directors of Nortek Inc breached their fiduciary duties owed to NASDAQ:NTK investors in connection with the proposed acquisition.
On July 6, 2016, Nortek Inc (NASDAQ:NTK) announced that it has signed an agreement and plan of merger with Melrose Industries PLC, a UK listed public company and Nevada Corp., a newly created wholly owned subsidiary of Melrose Industries PLC, to be acquired by Melrose Industries PLC for $86.00 per share in cash or an estimated total enterprise value of approximately $2.8 billion.
However, given that certain stockholders of Nortek, affiliated with each of Ares Management LLC, Anchorage Advisor Management LLC and Gates Capital Management, Inc., owning approximately 68.7% of the outstanding shares of Nortek common stock in the aggregate, have already entered into tender and support agreements with Melrose Industries PLC, pursuant to which such stockholders have agreed to tender their shares in the Offer, subject to certain limited termination rights, the
investigation concerns whether the offer is unfair to NASDAQ:NTK stockholders. More specifically, the investigation concerns whether the Nortek Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
Shares of Nortek Inc (NASDAQ:NTK) closed on July 19, 2016, at $86.28 per share.
Those who are current investors in NASDAQ:NTK 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