WILMINGTON, Del., Apr. 08, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed by another law firm on behalf of stockholders of Globe Specialty Metals, Inc. (Nasdaq:GSM) (“Globe Specialty” or the “Company”) seeking to challenge the Company’s recently announced merger.
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On February 23, 2015, Globe Specialty and Grupo FerroAtlantica SA (“FerroAtlantica”) announced the signing of a definitive merger agreement pursuant to which FerroAtlantica will acquire Globe Specialty in an all-stock merger worth $3.1 billion. As a result of the merger, Globe Specialty Metals’ shareholders are anticipated to receive stock in a newly formed entity incorporated in the United Kingdom and will only own 43% of the combined entity.
The consideration that Globe Specialty shareholders are expected to receive is inadequate. Following the merger, Globe Specialty shareholders are expected to be substantially diluted owning only 43% of the combined company. According to one Reuters report, one analyst already has stated that “the valuation is not terribly attractive....”
The process leading up to the announcement of the merger appears to have significant conflicts of interest, thus making the process and consideration unfair. As indicated by the Company, several senior executives and current directors have already secured positions for themselves in the newly combined entity upon the consummation of the merger.
On March 23, 2015, a Globe Specialty shareholder represented by another law firm filed a class action complaint challenging Globe Specialty’s merger with FerroAtlantica. The complaint was filed in the Delaware Court of Chancery, Case No. 10823.
If you own shares of Globe Specialty and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/GSM or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Craig J. Springer, Esq.
cspringer@andrewsspringer.com
Call Toll Free: 1-800-423-6013