STEVENSON, Md.--(BUSINESS WIRE)--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Solutia Inc. (“Solutia”) (NYSE:SOA) and other violations of state law by the board of directors of Solutia relating to the proposed acquisition of the company by Eastman Chemical Company (“Eastman”). The firm’s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.
On January 27, 2012, Solutia and Eastman announced that they have entered into a definitive merger agreement providing for Eastman to acquire Solutia for $4.7 billion. Under the terms of the merger agreement, Solutia shareholders will receive $22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock held. Based on yesterday’s closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia common share. However, according to Yahoo! Finance, at least one analyst has set a high price target of $31.00 per share.
If you currently own shares of Solutia and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.