SAN DIEGO, July 3, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of OMNOVA Solutions Inc. (NYSE: OMN) ("OMNOVA") breached their fiduciary duties in connection with the proposed sale of the Company to Synthomer plc.
On July 3, 2019, OMNOVA announced that it had signed a definitive merger agreement with Synthomer plc. Under the terms of the deal, Synthomer plc will acquire all of the outstanding shares of OMNOVA for $10.15 per share in cash.
The investigation concerns whether the OMNOVA board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for OMNOVA shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth, also one Wall Street analyst has a $13.00 price target on the stock. The 52-week high for OMNOVA was $10.70.
If you are a shareholder of OMNOVA and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP