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 Exelis Inc. (“Exelis” or the “Company”) (NYSE: XLS) relating to the proposed buyout of the Company by Harris Corporation (“Harris”).
On February 6, 2015, Exelis and Harris announced the signing of a definitive agreement pursuant to which Harris will acquire Exelis in a transaction valued at approximately $4.75 billion. Under the terms of the transaction, Exelis shareholders are anticipated to receive $16.625 in cash and 0.1025 of a Harris share for each share of Exelis stock they own.
The transaction is expected to close in June, 2015, though Exelis shareholders will most likely be asked to vote on the transaction well before that time. Upon completion of the merger, Harris shareholders will own 85% of the combined company.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to 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.
If you currently own common stock of Exelis 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.