Market Overview

Robbins Umeda LLP Announces an Investigation of Cascade Corporation

SAN DIEGO--(BUSINESS WIRE)--

Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of Cascade Corporation (NYSE: CASC) in connection with their efforts to sell the company to Toyota Industries Corporation ("TICO") (Tokyo Stock Exchange: 6201). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, info@robbinsumeda.com, or via the shareholder information form on the firm's website.

On October 22, 2012, Cascade and TICO announced that they had entered into a definitive merger agreement under which Cascade will be acquired by TICO. According to the terms of the deal, TICO will acquire Cascade through a cash tender offer with a total value of approximately $759 million based on Cascade's closing stock price on October 19, 2012. Under the terms of the agreement, it is anticipated that TICO will commence a tender offer for all of the outstanding shares of Cascade at the price of $65 no later than November 5, 2012. The acquisition has already been approved by the board of directors of Cascade. The transaction is expected to close by the end of calendar year 2012.

Robbins Umeda LLP's investigation focuses on whether the board of directors at Cascade is undertaking a fair process to obtain maximum value and adequately compensate its shareholders, or seeking to benefit themselves. Notably, following the completion of the merger, Cascade's President and Chief Executive Officer Robert C. Warren, Jr. will continue to lead the company. Further, on August 30, 2012, Cascade reported second quarter of fiscal 2013 results of net sales of $136 million, which were 4% higher than the second quarter of fiscal 2012. Cascade received a strong demand for construction products with sales in the Americas increasing 14% compared to the prior year. Given these financial results, Robbins Umeda LLP is examining the board of directors' decision to sell Cascade now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.

Robbins Umeda LLP attorneys highlight that Cascade shareholders have the option to file a class action lawsuit against the company to secure the best possible price for the company's shareholders and the disclosure of material information to shareholders so they can vote on the transaction in an informed manner.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/cascade-corporation/

Attorney Advertising. Past results do not guarantee a similar outcome.

Robbins Umeda LLP
Gregory E. Del Gaizo
(619) 525-3990 or Toll Free (800) 350-6003
info@robbinsumeda.com
www.robbinsumeda.com

 

Around the Web, We're Loving...

Get Benzinga's Newsletters