NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Spartech Corp. (“Spartech” or the “Company”) (NYSE: SEH) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to PolyOne Corporation (“PolyOne”) (NYSE: POL), a premier provider of specialized polymer materials, services and solutions, in a cash-and-stock deal valued at approximately $393 million, including the assumption of Spartech’s net debt of $142 million. Under the terms of the proposed transaction, Spartech’s stockholders will receive $2.67 in cash and 0.3167 shares of PolyOne common stock for each share of Spartech common stock they own. The transaction values the proposed consideration at approximately $8 based on PolyOne’s closing stock price on Tuesday, October 23, 2012.
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The investigation focuses on whether Spartech’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Spartech’s shareholders.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm’s clients.
If you own common stock in Spartech and wish to obtain additional information and protect your investments free of charge, please visit us at www.faruqilaw.com/SEH or contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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