BUYOUT OF SPARTECH - LAW FIRM SEEKS MORE MONEY FOR SHAREHOLDERS
October 24, 2012
New York, New York -- Tripp Levy PLLC, a leading national securities law firm, is investigating the acquisition of Spartech Corp. on behalf of shareholders. PolyOne Corporation (POL), and Spartech (SEH), today announced they have entered into a definitive agreement, under which PolyOne will acquire Spartech. Under the terms of the agreement, Spartech stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock. Based on the closing price of PolyOne shares on Tuesday, October 23, Spartech stockholders will receive cash and stock valued at $8.00 per Spartech common share, representing a total transaction value of approximately $393 million, including the assumption of Spartech's net debt of $142 million.
The investigation concerns whether the board of directors of Spartech obtained the highest price possible for shareholders while not allowing themselves and the management of Spartech to obtain personal benefits for themselves to enter into this transaction.
If you are a shareholder of Spartech and would like additional information please contact us toll free at 877-772-3975 or email at contact @ tripplevy