NEW YORK, April 10, 2015 /PRNewswire/ -- Wolf Popper LLP is investigating claims on behalf of investors in Baltic Trading Limited ("Baltic") (NYSE: BALT), concerning the proposed acquisition of Baltic by Genco Shipping & Trading Limited ("Genco") (OTCBB: GSKNF). Baltic shareholders seeking more information about this acquisition are advised to contact Carl Stine at (212) 759-4600 or stine@wolfpopper.com.
The investigation concerns whether Baltic's directors are breaching their fiduciary duties by agreeing to a transaction that is unfair to the public shareholders of Baltic. Baltic is currently controlled by Genco and the Boards of Directors of both companies are headed by the same individual. Under the terms of the proposed stock-for-stock transaction, Baltic's shareholders will receive 0.216 shares of Genco common stock for each share of Baltic common stock they own. The proposed transaction is valued at $1.69 per share or a preliminary equity value of approximately $99 million. However, the offer price has a nominal 4.3% premium to Baltic's closing price on April 7, 2015 and is significantly below the 52-week high of $6.86 per share.
Wolf Popper LLP has extensive experience representing investors in mergers and acquisition lawsuits and has successfully ensured that investors receive the maximum compensation. Twelve Wolf Popper attorneys were named Rising Stars or Super Lawyers in the 2014 Super Lawyers New York City Metro Edition, including Wolf Popper partner Carl Stine, who was included in the Super Lawyers Top 100 List for the New York City Metro area. View Wolf Popper attorney biographies at www.wolfpopper.com.
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SOURCE Wolf Popper LLP
