House & Home
Fri, September 24, 2010Thu, September 23, 2010Wed, September 22, 2010Tue, September 21, 2010Mon, September 20, 2010Fri, September 17, 2010Thu, September 16, 2010Wed, September 15, 2010The Law Offices of Vincent Wong Announces an Investigation into the Possible Breaches of Fiduciary Duty by the Board of Cellu T
//house-home.news-articles.net/content/2010/09/2 .. s-of-fiduciary-duty-by-the-board-of-cellu-t.html
Published in House and Home on Monday, September 20th 2010 at 8:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
NEW YORK--([ BUSINESS WIRE ])--The Law Offices of Vincent Wong is investigating the Board of Directors of Cellu Tissue Holdings, Inc. (NYSE: CLU) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Clearwater Paper Corp. (NYSE: CLW). Under the terms of the proposed transaction, Cellu Tissue shareholders will receive $12.00 in cash per share for a total transaction value of approximately $502 million, including assumed debt.
Cellu Tissue's Chief Executive Russell Taylor and its largest shareholder, private equity firm Weston Presidio V. L.P., together own about 56 percent of the company's stock and have agreed to vote in favor of the deal.
The investigation concerns whether the Cellu Tissue Board of Directors breached their fiduciary duties to Cellu Tissue stockholders by failing to adequately shop the Company before entering into this transaction and whether Clearwater Paper is underpaying for Cellu Tissue shares. Cellu Tissue went public in January 2010 at $12.30 a share and one analyst has set a price target for Cellu Tissue stock at $16.00 per share.
If you own common stock in Cellu Tissue and wish to obtain additional information, please contact Vincent Wong, Esq. either via email [ vw@wongesq.com ], by telephone at 212.584.2740, or visit [ http://www.wongesq.com/cellutissue-clu.html ].
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights.