Science & Technology
Mon, June 20, 2011Sun, June 19, 2011Sat, June 18, 2011Fri, June 17, 2011Thu, June 16, 2011Wed, June 15, 2011Tue, June 14, 2011Mon, June 13, 2011Fri, June 10, 2011Thu, June 9, 2011Wed, June 8, 2011Tue, June 7, 2011Mon, June 6, 2011Sat, June 4, 2011Fri, June 3, 2011Thu, June 2, 2011Wed, June 1, 2011Tue, May 31, 2011Brower Piven Announces an Investigation of the Acquisition of EMS Technologies, Inc. by Honeywell International Inc. Co.
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Published in Science and Technology on Monday, June 13th 2011 at 13:55 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of EMS Technologies, Inc. (aEMSa) (Nasdaq: ELMG) and other violations of state law by the Board of Directors of EMS relating to the proposed acquisition of the company by Honeywell International Inc. Co. (aHoneywella) (NYSE: HON). The firma™s investigation seeks to determine whether EMSa™s Board breached their fiduciary duties by, among other things, failing to maximize shareholder value.
On June 13, 2011, EMS and Honeywell jointly announced that they have entered into a definitive merger agreement for EMS to be acquired by Honeywell, with a total transaction value of approximately $491 million. Under the terms of the agreement, Honeywell will commence a tender offer within ten business days to purchase all of EMSa™s outstanding shares for $33.00 per share. However, EMS has performed well recently, reporting higher sales for the first quarter of 2011 and record first-quarter operating income and Adjusted EBITDA. For the first quarter of 2011, consolidated revenues were $85.0 million, operating income was $3.6 million and net earnings totaled $2.4 million, or $0.16 per share, compared with consolidated revenues of $82.9 million, operating income of $1.9 million and net earnings totaling $0.6 million, or $0.04 per share, in the year-ago period. Adjusted EBITDA for the first quarter of 2011 was $9.5 million a" an EMS record for the first quarter a" and 27% higher than the $7.5 million reported in the first quarter of 2010. The transaction is expected to close in the third quarter of 2011.
If you own EMS common stock and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
