Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Central Steel & Wire Company (Pink Sheet: CSTW) to Ryerson Holding Corp. (NYSE: RYI) for $140 million. The deal is subject to certain conditions, but represents an approximate value of $669 per share.
The investigation concerns whether the Board of Central Steel & Wire breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Ryerson Holding Corp. is underpaying for Central Steel & Wire shares, thus unlawfully harming Central Steel & Wire shareholders. Shareholders holding approximately 73% of the Company’s outstanding voting shares have agreed to tender their shares.
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