MILWAUKEE, April 24, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Buckeye Technologies Inc. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Buckeye to Georgia-Pacific LLC.
Click here to learn how to join the action: http://www.ademilaw.com/case/buckeye-technologies-inc or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Buckeye's long-term financial outlook is very positive and yet Buckeye shareholders will receive only $37.50. Georgia Pacific is well aware of Buckeye's improving financial metrics and is purchasing Buckeye at a substantial discount. The merger agreement unreasonably limits prospective bids for Buckeye by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Buckeye receive and accept a superior bid. Buckeye insiders, their affiliates and other majority shareholders own significant voting stock of Buckeye, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Buckeye not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Buckeye's 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 Buckeye given its current financial condition and prospects.
If you own common stock in Buckeye and wish to obtain additional information, please contact Guri Ademi either at firstname.lastname@example.org or toll-free: 866-264-3995, http://www.ademilaw.com/case/buckeye-technologies-inc.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP