Rigrodsky & Long, P.A. Announces Investigation of Todd Shipyards Corporation BuyoutBy Avik, Gaea News Network
Friday, December 24, 2010
WILMINGTON (GaeaTimes.com) — Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Todd Shipyards Corporation (”Todd” or the “Company”) (NYSE: TOD) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Vigor Industrial LLC (”Vigor”) in a transaction valued at approximately $130 million. Click here to learn how to join the action: https://www.rigrodskylong.com/news/ToddShipyardsCorporation-TOD.
Under the proposed agreement, Vigor intends to commence a tender offer by no later than December 30, 2010 for all the outstanding shares for $22.27 per share in cash.
The investigation concerns whether Todd’s board of directors failed to adequately shop the Company and obtain the best price possible for Todd’s shareholders before entering into the agreement with Vigor. Todd’s directors and officers and certain other stockholders who own an aggregate of approximately 15.3% of Todd’s outstanding stock have entered into agreements pursuant to which they have agreed to tender their shares in the tender offer.
If you own the common stock of Todd and purchased your shares before December 23, 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 [email protected]
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.