The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Robbins Umeda LLP Announces an Investigation of Ceradyne, Inc.

Monday, October 01, 2012

Robbins Umeda LLP Announces an Investigation of Ceradyne, Inc.17:39 EDT Monday, October 01, 2012 SAN DIEGO (Business Wire) -- Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Ceradyne, Inc. (NASDAQ: CRDN) in connection with their efforts to sell the company to 3M Company (NYSE: MMM). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the shareholder information form on the firm's website. On October 1, 2012, Ceradyne and 3M announced that they had entered into a definitive agreement under which Ceradyne will be acquired by 3M. According to the terms of the deal, 3M will acquire Ceradyne through an all cash tender offer valued at approximately $860 million. Ceradyne shareholders will receive $35.00 in cash for each share of the company they own. As recently as April 26, 2011, Ceradyne shares traded significantly over the offer price, trading as high as $53.56. The transaction is expected to close during the fourth quarter of 2012. Robbins Umeda LLP's investigation focuses on whether Ceradyne's board of directors is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. On July 24, 2012, Ceradyne reported financial results for the second quarter of 2012 with adjusted earnings per share of $0.28, which improved on the previous quarter's earnings per share of $0.16 by 75%. Ceradyne's earnings per share for the second quarter of 2012 of $7.35 represented an increase of 1497.8% over the earnings per share of $0.46 during the second quarter of 2011. Given these financial results, Robbins Umeda LLP is examining the board of directors' decision to sell Ceradyne now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects. Robbins Umeda LLP attorneys highlight that Ceradyne shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner. Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com. Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/ceradyne-inc Attorney Advertising. Past results do not guarantee a similar outcome. Robbins Umeda LLPGregory E. Del Gaizo(619) 525-3990 or Toll Free (800) 350-6003info@robbinsumeda.comwww.robbinsumeda.com