MONSEY, N.Y., Oct. 07, 2024 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Barnes Group, Inc. (NYSE: B) (“Barnes”) to Apollo Global Management (“Apollo”) for $47.50 per share in cash.
The sale price is below the “takeover price” of $55.00 per share that Wall Street analyst Christopher Glynn of Oppenheimer recently characterized as “reasonable” based on Barnes’ estimated 2025 EBITDA (source: StreetInsider.com), and below the price target for Barnes of $52.00 per share of Wall Street analyst Matt Summerville of D.A. Davidson (source: TipRanks).
If you remain a Barnes shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On October 7, 2024, Barnes announced that it had agreed to be sold to Apollo for $47.50 per share in cash.
Notably, the sale price is below the “takeover price” of $55.00 per share that Wall Street analyst Christopher Glynn of Oppenheimer recently characterized as “reasonable” based on Barnes’ estimated 2025 EBITDA (source: StreetInsider.com), and below the price target for Barnes of $52.00 per share of Wall Street analyst Matt Summerville of D.A. Davidson (source: TipRanks).
“We are investigating whether the Barnes Board of Directors acted in the best interests of Barnes shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Barnes shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
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