Levetown & Jenkins, LLP Announces an Investigation of the Acquisition of T-3 Energy Services, Inc. by Robbins & Myers, Inc.
October 06 2010 - 4:42PM
Business Wire
Levetown & Jenkins, LLP is conducting an investigation into
alleged breaches of fiduciary duties and violations of state law by
T-3 Energy Services, Inc. ("T-3") (NASDAQ:TTES) and its Board of
Directors in conjunction with their efforts to sell T-3 to Robbins
& Myers, Inc (“Robbins & Myers”) (NYSE:RBN). Under the
terms of the proposed transaction, T-3 shareholders will only
receive $7.95 in cash and 0.894 shares of Robbins & Myers
common stock for each share of T-3 common stock they own, for an
implied value of $31.80 per share. The transaction, which expected
to be completed in late 2010 or early 2011, comes on the heels of a
strong second quarter performance in which T-3 posted earnings per
share of $0.25—$0.02 higher than consensus estimates of $0.23.
Moreover, at least one analyst has set a target price for T-3 of
$37.00 per share—16% higher than the offer made by Robbins &
Myers.
The firm’s investigation concerns whether the proposed
acquisition properly values T-3. Specifically, the investigation
seeks to determine whether the T-3 Board of Directors engaged in a
fair process to obtain adequate consideration for all of the
company's shareholders, whether the transaction undervalues the
company to the detriment of its shareholders and, if so, the extent
to which the company is undervalued in the proposed
transaction.
Levetown & Jenkins, LLP is a national law firm comprised of
former federal and state prosecutors with extensive experience in
the investigation and prosecution of shareholder fraud. The firm
specializes in the representation of investors in shareholder and
securities fraud class actions. If you currently own shares of T-3
and wish to obtain additional information about your rights as a
shareholder, please contact Michael P. Lewis at (202) 379-4899 or
mlewis@levjen.com. For more information about the firm, please
visit www.levjen.com.
Attorney Advertising. (C) 2010 Levetown & Jenkins, LLP. The
law firm responsible for this advertisement is Levetown &
Jenkins, LLP (www.levjen.com). Prior results do not guarantee or
predict a similar outcome with respect to any future matter. We are
happy to discuss your particular case.
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