WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Synutra International, Inc. (NASDAQGS: SYUT) (“Synutra” or the “Company”) relating to the sale of the Company to Beams Power Investment Limited, an entity affiliated Liang Zhang, Synutra’s, chairman, chief executive officer and holder of 63% of Synutra’s outstanding shares. On November 17, 2016, the two parties announced the signing of a definitive merger agreement pursuant to which Beams Power will acquire Synutra in a going private merger. As a result of the merger, Synutra shareholders are only anticipated to receive $6.05 per share in cash in exchange for each share of Synutra.
Andrews & Springer’s investigation so far has revealed that the consideration Synutra shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the deal consideration is significantly less than the $6.74 price target set by an analyst on Yahoo Finance! The current $6.05 per share consideration being offered by Mr. Zhang is currently more than 10% below that target. Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.
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