STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Horizon Lines, Inc. (“Horizon” or “the Company”) (Other OTC: HRZL) relating to the proposed buyout of the Company by Matson, Inc. (“Matson”).
On November 11, 2014, Horizon and Matson announced the signing of a definitive agreement pursuant to which Matson will acquire Horizon in a transaction valued at $69.2 million. Under the terms of the agreement, Horizon shareholders are anticipated to receive $0.72 in cash for each share of Horizon common stock they own. The transaction is expected to close in 2015, though Horizon shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether the Board of Directors of Horizon Line failed to satisfy their duties to the Company’s shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for the Company’s shares of common stock. In particular, the offer price is below Horizon's 52-week high of $1.12 per share, and according to Yahoo! Finance, at least one Wall Street analyst has issued a price target for Horizon stock at $8.00 per share.
If you currently own common stock of Horizon and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.