EDGEN SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Edgen Group Inc. (EDG) Over the Proposed Sale of the Company to Sumitomo Corporation
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Edgen Group Inc. (“Edgen” or the “Company”) (NYSE: EDG) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Japan’s Sumitomo Corporation in a cash deal valued at approximately $520 million. Under the terms of the proposed transaction, Edgen’s stockholders will receive $12.00 for each share of Edgen common stock they own.
The investigation focuses on whether Edgen’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Edgen’s shareholders. Meanwhile, According to Yahoo! Finance, at least one analyst has set a price target of $15.00 for the Company.
If you own common stock in Edgen and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.