BOSTON, Sept. 22, 2014 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of Dresser-Rand Group Inc. ("Dresser-Rand" or the "Company") (NYSE: DRC) concerning its proposed merger with Siemens AG ("Siemens").
Dresser-Rand stockholders will receive only $83 for each Dresser-Rand share held, plus a small monthly payment until the merger closes. This represents a premium of less than 4% of the Company's previous closing price of Friday, September 19, 2014.
Shares of the Company increased nearly 40% since just early August, showing that the purported premium would likely have been eclipsed in short order. Further underscoring the inadequacy of the merger consideration, financial analysts had set price targets for the company's stock as high as $100 per share. The total transaction value of the merger is estimated at $7.6 billion.
Block & Leviton's investigation seeks to determine, among other things, whether Dresser-Rand's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed merger with Siemens and the fairness of the process by which they considered and approved the transaction. The firm is also investigating whether or not Siemens's officers and board members aided and abetted such breaches of fiduciary duty.
If you are a shareholder of Dresser-Rand and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at (617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 70 years. This notice may constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
(617) 398-5600
SOURCE Block & Leviton LLP
