DALLAS, Feb. 14, 2012 /PRNewswire/ -- Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of General Bearing Corporation ("General Bearing" or "GNRL.PK") (OTC: GNRL.PK) to SKF for shareholders. Under the proposed transaction, General Bearing shareholders will receive $28.00 in cash for each share of General Bearing/GNRL.PK stock owned.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction with a total equity value of approximately $125 million.
The investigation centers on whether General Bearing shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues General Bearing stock, and whether General Bearing's board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Although the acquisition price represents an approximate 16% premium over the closing price of General Bearing shares the day prior to the buyout announcement, it is unclear whether the transaction adequately values certain assets, including General Bearing's manufacturing sites in China. According to shareholder rights attorney Willie Briscoe, "Because of the lack of a significant premium to the shareholders and material questions about the value placed on General Bearing's current assets, which have been valued at approximately $100 million, among other factors, we believe that the transaction may significantly undervalue General Bearing stock. Our lawsuit will seek to obtain the highest share price for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
SOURCE Powers Taylor, LLP
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