Faruqi & Faruqi, LLP Announces Investigation of Solutia Inc. (SOA)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Solutia Inc. (“Solutia” or the “Company”) (NYSE: SOA) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Eastman Chemical Company (NYSE: EMN) in a cash and stock deal valued at about $3.38 billion. Under the terms of the proposed transaction, Solutia stockholders will receive $22 in cash and 0.12 of an Eastman common share for each share of Solutia they own. Based on Eastman’s $50.41 Friday close, the per-share offer represent approximately $28.05, while, according to Yahoo! Finance, at least one financial analyst has set a price target of $31 for Solutia.
Whether Solutia’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 the proposed transaction undervalues Solutia’s shares and by how much this proposed transaction undervalues the Company to the detriment of Solutia’s shareholders are the key focus of this investigation.
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Faruqi & Faruqi, LLP
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