MANAGEMENT BUYOUT OF MOD-PAC - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
NEW YORK--(BUSINESS WIRE)--
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, has been retained on behalf of shareholders of Mod-Pac in connection with the sale of the Company to Daniel G. Keane, the Company’s President and CEO, Chairman Kevin T. Keane, and their affiliates and associates.
Under the terms of the transaction, MOD-PAC shareholders will receive only $8.40 in cash for each share of MOD-PAC Common Stock and Class B stock they own. The investigation concerns, among other things, whether the consideration to be paid to MOD-PAC shareholders is unfair, inadequate, and substantially below the fair or inherent value of MOD-PAC, and whether the President and Chairman are taking advantage of their positions as Board members and shareholders of an aggregate 41% of MOD-PAC voting power in order to purchase the Company at an unfair price. In particular, MOD-PAC has traded above the offer price as recently as March 13, 2013.
If you own common stock in MOD-PAC and wish to obtain additional information, please contact us at 1-877-772-3975 or email at contact @ tripplevy