SAN DIEGO, July 12, 2019 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of Milacron Holdings Corp. (NYSE: MCRN) ("Milacron") breached their fiduciary duties in connection with the proposed sale of the Company to Hillenbrand, Inc. ("Hillenbrand").
On July 12, 2019, Milacron announced that it had signed a definitive merger agreement with Hillenbrand. Under the terms of the agreement, Milacron stockholders will receive $11.80 in cash and a fixed exchange ratio of 0.1612 shares of Hillenbrand common stock for each share of Milacron common stock they own. Based on Hillenbrand's closing stock price on July 11, 2019, the implied cash and stock consideration to be received by Milacron stockholders is $18.07 per share.
Milacron shareholders will be subject to the future price fluctuation of Hillenbrand's stock price. Following the news, in pre-market trading on July 12, 2019 Hillenbrand stock was trading down over 12%.
The investigation concerns whether the Milacron board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Milacron shares of common stock. Nationally recognized Johnson Fistel is investigating whether the proposed deal represents adequate consideration, especially given analysts' projections for future earnings and revenue growth, also one Wall Street analyst has a $19.00 price target on the stock. The 52-week high for Milacron was $22.09.
If you are a shareholder of Milacron and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
Additionally, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit https://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
SOURCE Johnson Fistel, LLP