The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Norcraft Companies Inc (NYSE:NCFT), was launched concerning whether the takeover of Norcraft Companies Inc. by Fortune Brands Home & Security, Inc for a price of $25.50 per share is unfair to NYSE:NCFT stockholders.
Investors who purchased shares of Norcraft Companies Inc (NYSE:NCFT) and currently hold any of those NYSE:NCFT 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 officers and directors of Norcraft Companies Inc breached their fiduciary duties owed to NYSE:NCFT investors in connection with the proposed acquisition.
On March 30, 2015, Norcraft Companies Inc (NYSE:NCFT) announced that it has signed a merger agreement to be acquired by Fortune Brands Home & Security, Inc. in a transaction representing an enterprise value of approximately $600 million. Under the terms of the agreement, Fortune Brands Home & Security, Inc will launch a tender offer for all outstanding Norcraft Companies Inc shares on or before April 21, 2015, but in no event earlier than April 14, 2015, at a price of $25.50 per common share.
However, given that NYSE:NCFT shares jumped after the takeover news on the open market to as high as $25.76 per share on April 2, 2015, the investigation concerns whether the offer is unfair to NYSE:NCFT stockholders. In addition, given that in connection with the tender offer, certain funds and persons associated with Mark Buller, Saunders, Karp & Megrue and Trimaran Capital Partners which own directly or have the right to acquire, pursuant to certain exchange arrangements, approximately 53.6% of Norcraft Companies (excluding options), have already entered into tender and support agreements pursuant to which they have committed to tender their shares of Norcraft Companies in the tender offer, the investigation concerns whether the Norcraft Companies 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.
Norcraft Companies Inc reported that its annual Total Revenue rose from $339.69 million in 2013 to $376.01 million in 2014 and that its Net Loss of $13.38 million in 2013 turned into a Net Income of $3.22 million in 2014. Shares of Norcraft Companies Inc (NYSE:NCFT) grew from $13.64 per share in July 2014 to as high as $26.02 per share on April 6, 2015.
On April 14, 2015, NYSE:NCFT shares closed at $25.95 per share.
Those who are current investors in Norcraft Companies Inc (NYSE:NCFT) 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