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//house-home.news-articles.net/content/2010/09/1 .. e-acquisition-of-cellu-tissue-by-clearwater.html
Published in House and Home on Thursday, September 16th 2010 at 15:15 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of [ Cellu Tissue Holdings, Inc ]. (aCLUa or aCellu Tissuea) (NYSE: CLU) related to the proposed acquisition of Cellu Tissue by Clearwater Paper Corporation (aClearwatera).
"Based on these variables, the proposed price appears to be unfair to Cellu Tissue shareholders"
The agreement involves an all-cash transaction valued at approximately $502 million, including assumed debt, under which Cellu Tissue shareholders will receive $12.00 in cash for each share ofCLU common stock they hold. Although the proposed acquisition price represents a premium over Cellu Tissuea™s closing price on September 15, 2010, at least one analyst has set a target price of $16.00 per share. Furthermore, Cellu Tissue stock was offered at $13.00 per share in its initial public offering on January 21, 2010. aBased on these variables, the proposed price appears to be unfair to Cellu Tissue shareholders,a stated Willie Briscoe, a shareholder rights attorney who is a former enforcement attorney for the United States Securities and Exchange Commission.
The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Cellu Tissue for approving this transaction, whether the consideration to be received by Cellu Tissue shareholders is fair, and whether Cellu Tissuea™s Board of Directors acted in the shareholdersa™ best interests.
If you currently own shares of Cellu Tissue/CLU and would like additional information regarding this investigation, or if you have information regarding the allegations involving 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 and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
