SDI - Wolf Popper LLP Investigates the Proposed Acquisition of Standard Diversified Inc. by its Controlling Shareholder Standard General L.P.
NEW YORK, May 21, 2020 /PRNewswire/ -- Wolf Popper LLP is investigating claims on behalf of investors in Standard Diversified Inc, (NYSE: SDI) concerning the proposed acquisition of Standard Diversified by Turning Points Brands, Inc. and its controlling shareholder, Standard General L.P. Standard General L.P. owns approximately 82% of Standard Diversified's stock and Standard Diversified owns approximately 50% of Turning Points' stock.
Under the terms of the proposed acquisition, Standard Diversified shareholders would receive approximately $11.05 per share in Turning Points stock which was significantly below Standard Diversified's 52-week average and high stock prices of $14.72 and $22.06 per share, respectively.
According to Wolf Popper partner Carl Stine, "Standard General is taking advantage of its majority position to time this transaction for when Standard Diversified was at a temporary low, forcing a deal that looks to be unfair to the minority shareholders."
Wolf Popper is investigating claims on behalf of investors in Standard Diversified concerning the transaction. Standard Diversified's shareholders seeking more information about the transaction or Wolf Popper's investigation can contact Mr. Stine cstine@wolfpopper.com.
Wolf Popper has extensive experience representing investors in mergers and acquisition lawsuits. Eight Wolf Popper attorneys were named Super Lawyers or Rising Stars in the 2019 Super Lawyers New York City Metro Edition, including Wolf Popper partner Carl Stine, who was included in the Super Lawyers Top 100 List for the New York City Metro area. View Wolf Popper attorney biographies at www.wolfpopper.com.
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SOURCE Wolf Popper LLP