SAN DIEGO, March 2, 2010 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit has been filed in Iowa State Court on behalf of current investors in Terra Industries Inc. (NYSE:TRA), who purchased their TRA shares before February 15, 2010, over alleged breach of their fiduciary duties.
On February 15, 2010, Terra Industries Inc. (NYSE:TRA) announced that its Board of Directors has unanimously approved a definitive merger agreement under which Yara International ASA (OSLO:YAR.OL) will acquire all of the outstanding shares of Terra common stock for US$41.10 per share in cash or at a transaction value of approximately US$4.1 billion. According to Terra Industries Inc. the offer represents a 23.6% premium over Terra Industries Inc.'s closing price on February 12, 2010, the last trading day prior to its February 15, 2010 announcement.
But Terra Industries Inc shares (TRA) traded in Dec 2009 at over $43 per share, and reached in 2008 almost $55 per share.
According to the complaint the plaintiff alleges that the consideration to be received by Terra Industries Inc stockholders in connection with the Yara International ASA merger is inadequate and that the individual defendants breached their fiduciary duties of care and loyalty by, among other things, approving the Yara International ASA merger on the basis of such allegedly inadequate consideration and under certain circumstances of certain alleged self-dealing.
Those who currently are investors in shares of Terra Industries Inc. (NYSE:TRA) and purchased their shares before Feb. 15, 2010, should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is an investor advocacy group which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The group offers help, support, and assistance for every shareholder, and investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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