NEW YORK--(BUSINESS WIRE)--The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating Coleman Cable, Inc. ("Coleman Cable" or the "Company") (NASDAQ:CCIX) for potential breaches of fiduciary duties in connection with the sale of the Company to Southwire Company (“Southwire”). Under the terms of the proposed transaction, Southwire will acquire Coleman for $26.25 per share in cash by a tender offer. The transaction values Coleman at approximately $786 million, including the assumption of $294 million in net debt.
The investigation concerns whether the Coleman Cable Board of Directors breached their fiduciary duties to stockholders by failing to adequately assess all reasonable strategic alternatives before agreeing to enter into this transaction. At least one analyst assigned a $28.00 per share price target for the Company, prior to the announcement. Co-Chairmen of the Board David Bistricer and Nachum Stein, as well as CEO Gary Yetman, and certain trusts own over 50% of the Company’s outstanding shares. In addition, certain stockholders, including trusts for the benefit of family members of Bistricer and Stein, and Nachum Stein, have each entered into tender support agreements with Southwire.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm. For further information on this matter: please click here.
Please contact us if you are a stockholder of Coleman Cable securities who purchased shares before December 20, 2013, and wish to discuss this matter. There is no cost to stockholders.
Gregory M. Nespole, Esq.
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016