The securities litigation law firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Globe Specialty Metals, Inc. (“Globe” or the “Company”)
(Nasdaq: GSM) relating to the proposed buyout of the Company by Grupo
FerroAtlantica SA (“FerroAtlantica”).
On February 23, 2015, Globe and FerroAtlantica announced the signing of
a definitive merger agreement pursuant to which FerroAtlantica will
acquire Globe in a transaction valued at approximately $3.1 billion. As
a result of the merger, FerroAtlantica, owned by Spanish billionaire
Juan Miguel Villar Mir’s industrial conglomerate Grupo Villar Mir, will
own 57% of the newly formed company and Globe shareholders will only own
43%.
The firm’s investigation seeks to determine, among other things, whether
the Company’s Board of Directors failed to satisfy their duties to
shareholders, including whether the Board adequately pursued
alternatives to the acquisition and whether the Board obtained the best
price possible for the Company’s shares of common stock. The transaction
may undervalue Globe which has been focusing on the burgeoning silicone
solar panels market. For example, the global use of silicone for solar
panels has recently increased from 1% of all silicone produced to
between 10% and 15%. Silicon is also a key element used to make
everything from lipstick to semiconductors.
If you currently own common stock of Globe and would like to learn more
about the investigation being conducted by Brower Piven, without cost or
obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s.
Copyright Business Wire 2015