Rigrodsky & Long, P.A. Announces Investigations Against Marshall & Ilsley Corporation Buyout
By Avik, Gaea News NetworkWednesday, December 22, 2010
WILMINGTON, Del. (GaeaTimes.com) — Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Marshall & Ilsley Corporation (”M&I” or the “Company”) (NYSE: MI) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by BMO Financial Group (TSX NYSE: BMO) (”Bank of Montreal”) in a stock-for-stock transaction valued at approximately USD$4.1 billion. Click here to learn how to join the action: https://www.rigrodskylong.com/news/MarshallIlsleyCorporation-MI.
Under the proposed agreement, each outstanding share of M&I will be exchanged for 0.1257 shares of Bank of Montreal upon closing. Based on the closing share price of Bank of Montreal on the Toronto Stock Exchange of CAD$62.05 on December 16, 2010, the transaction values each share of M&I at USD$7.75.
The investigation concerns whether M&I’s board of directors failed to adequately shop the Company and obtain the best price possible for BMO’s shareholders before entering into the agreement with Bank of Montreal. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of USD$9.50 per share for M&I stock.
If you own the common stock of M&I and purchased your shares before December 17, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
