The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of Nalco Holdings Company
July 20 2011 - 11:17AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former enforcement
attorney for the United States Securities and Exchange Commission,
and the securities litigation firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Nalco Holdings Company (“Nalco Holdings” or “NLC”) (NYSE:NLC)
related to the merger of Nalco Holdings with Ecolab Inc.
(NYSE:ECL).
The definitive acquisition agreement involves a cash and stock
transaction valued at approximately $5.4 billion. Under the
proposed buyout, Nalco Holdings shareholders may elect to receive
either $38.80 in cash or 0.7005 shares of Ecolab stock for each
share of Nalco Holdings/NLC common stock they hold. The transaction
is expected to close in the fourth quarter of 2011.
The firms are investigating the fairness of the proposed
transaction to Nalco Holdings shareholders, whether the
shareholders are being underpaid for their stock, and whether Nalco
Holdings’ Board of Directors acted in the shareholders’ best
interests. In particular, Nalco Holdings recently reported positive
preliminary second quarter financial results, including record
sales of $1.2 billion. In addition, Nalco Holdings’ shares have
increased in value approximately 27% over the past year. Based on
these and other factors, the firms are critically evaluating
whether Nalco Holdings’ Board of Directors considered all potential
alternatives and obtained the best price for the shareholders.
If you currently own shares of Nalco Holdings/NLC and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation firm that handles a
variety of complex business litigation matters nationwide,
including claims of investor and stockholder fraud, shareholder
oppression, shareholder derivative suits, and security class
actions.
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