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Kendall Law Group Investigates Cellu Tissue Holdings, Inc. for Shareholders

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  Published in House and Home on Thursday, September 16th 2010 at 8:55 GMT by Market Wire
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DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], a national securities firm led by a former federal judge, is investigating Cellu Tissue Holdings, Inc. (NYSE: CLU) for shareholders in connection with the proposed acquisition by Clearwater Paper Corporation. The firm is investigating whether Cellu properly shopped the Company prior to entering into the agreement. This possible breach of fiduciary duty may have kept the Company from reaching a deal that would provide better value of the Company. If you are a Cellu shareholder and would like additional information about your rights, you are encouraged to contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

On September 16, 2010, the companies announced that the companies have entered into a definitive merger agreement under which Cellu would be acquired by Clearwater in a transaction valued at approximately $247 million. Under the terms of the agreement, Cellu stockholders will receive $12.00 in cash for each share of Cellu/CLU common stock, which represents an approximately 51% premium over the closing price on September 15. Cellu stock had traded for close to $11 per share as early as the beginning of May of this year. Based on historical stock prices, the firm believes the transaction significantly undervalues the company. Additionally, according to Thompson/First Call, at least one analyst has set a price target of $16.00 per share.

Kendall Law Group was founded by former federal judge Joe Kendall, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.