|By PR Newswire||
|September 4, 2014 11:28 AM EDT||
NEW YORK, Sept. 4, 2014 /PRNewswire/ -- The Law Office of James C. Kelly is investigating claims on behalf of investors of Bolt Technology Corporation ("Bolt Technology" or the "Company") (NASDAQ: BOLT), concerning the proposed acquisition of Bolt Technology by Teledyne Technologies Incorporated ("Teledyne"). Shareholders of Bolt Technology seeking more information about this acquisition are advised to contact James C. Kelly at 888.643.7517 or mailto:[email protected].
Under the terms of the definitive merger agreement, Teledyne will acquire all of the outstanding common shares of Bolt Technology for $22.00 per share payable in cash.
The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Bolt Technology for not acting in the Company's shareholders' best interests in connection with the sale process. The investigation seeks to determine if there was an adequate auction process and if Teledyne is underpaying for Bolt Technology's shares. Indeed, the Company has no long-term debt and has over $21 million in cash or $2.47 per share. Further, Bolt Technology recently traded as high as $22.76 per share this past year and the buyout comes just as Bolt Technology achieved its highest revenue in fiscal 2014 over the last five years and its best pre-tax income since 2009. The investigation also focuses on whether the purchase price adequately reflects a new seismic gun system to be sold by Company and whether the buyout was timed to take advantage of a recent dip in the Company's share price.
The Law Office of James C. Kelly has extensive experience representing shareholders in mergers and acquisition actions. Visit our website for additional information at http://www.jckellylaw.com
Attorney Advertising: Prior Results Do Not Guarantee A Similar Outcome.
The Law Office of James C. Kelly
244 5th Avenue, Suite K-278
New York, New York 10001
Toll Free Tel: 888-643-7517
Toll Free Fax: 888-224-2078
Email: [email protected]
SOURCE The Law Office of James C. Kelly
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