BALA CYNWYD, Pa., Sept. 21, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Hi-Shear Technology Corp. ("Hi-Shear" or the "Company") (AMEX:HSR) relating to the proposed acquisition by Chemring Group PLC ("Chemring"). The total transaction is valued at approximately $132 million.
Under the terms of the agreement, Hi-Shear shareholders will receive $19.18 in cash for each share of Hi-Shear common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Hi-Shear board's approval of the proposed merger. The transaction appears to be unfair, in part, given that there is a $4 million termination fee and the Chief Executive Officer and Chairman, has entered into an agreement whereby he granted an irrevocable proxy to vote certain shares of common stock in favor of the Merger.
If you own shares of Hi-Shear and wish to discuss the legal ramifications of the proposed acquisition, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.