MILWAUKEE, Nov. 17, 2014 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Baker Hughes for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Baker Hughes to Halliburton.
Click here to learn how to join the action: http://www.ademilaw.com/case/baker-hughes or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Baker Hughes' long-term financial outlook is very positive and yet shareholders will receive a fixed exchange ratio of 1.12 Halliburton shares plus $19.00 in cash, which purportedly values Baker Hughes at $78.62 per share and is almost wholly dependent on the value of Halliburton stock. As of November 17, 2014, the market value of Halliburton stock is down nearly 10%, resulting in a valuation of Bakers Hughes' stock of less than $70 per share. Halliburton is well aware of Baker Hughes' improving financial metrics and is purchasing Baker Hughes at a substantial discount. The merger agreement unreasonably limits prospective bids by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Baker Hughes receive and accept a superior bid. Baker Hughes' insiders and their affiliates own significant stock, and will receive millions of dollars as part of change of control arrangements. These insiders can unduly influence a sale of Baker Hughes not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Baker Hughes' Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Baker Hughes given its current financial condition and prospects.
If you own shares of Baker Hughes and wish to obtain additional information, please contact Guri Ademi either at gademi@ademilaw.com or toll-free: 866-264-3995, http://www.ademilaw.com/case/baker-hughes.
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