The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Taminco Corp (NYSE:TAM), was launched concerning whether the takeover of Taminco Corp by Eastman Chemical Company for $26.00 is unfair to NYSE:TAM stockholders.
Investors who purchased shares of Taminco Corp (NYSE:TAM) and currently hold any of those NYSE:TAM 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 Taminco Corp breached their fiduciary duties owed to NYSE:TAM investors in connection with the proposed acquisition.
On September 11, 2014, Taminco Corp. (NYSE:TAM) announced an agreement to be acquired by Eastman Chemical Company (NYSE: EMN) for $26.00 per share, for a total transaction value of approximately$2.8 billion in cash.
However, given that at least one analyst has set the high target price for NYSE:TAM shares at $27 per share and that following the takeover news NYSE:TAM shares rose in the open market to as high as $26.96 per share, the investigation concerns whether the offer is unfair to NYSE:TAM stockholders.
In addition, given that Eastman Chemical Company has already entered into a support agreement with affiliated investment funds of Apollo Global Management, LLC (NYSE: APO) (collectively, “Apollo”), who own a majority of Taminco’s common stock, pursuant to which Apollo has agreed to act by written consent to approve the present offer from Eastman, the investigation concerns whether the Taminco 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.
Taminco Corp reported that its annual Total Revenue rose from $972 million in 2012 to $1.2 billion in 2013 and that its Net Loss declined from $28.00 million in 2012 to $7.00 million in 2013. Shares of Taminco Corp (NYSE:TAM) grew from $14.80 per share in April 2013 to as high as $24.25 per share on September 4, 2014.
On September 23, 2014, NYSE:TAM shares closed at $26.30 per share.
Those who are current investors in Taminco Corp (NYSE:TAM) 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