Levi & Korsinsky, LLP has commenced an investigation into the fairness of the sale of Fairmount Santrol (NYSE: FMSA) to Unmin Corporation, a wholly owned subsidiary of SCR-Sibelco NV. Under the terms of the transaction, Fairmount shareholders will receive approximately $0.74 per share. Investors representing 26% of Fairmount’s outstanding common stock have already agreed to tender their shares.
The investigation concerns whether the Board of Fairmount breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether Unmin Corporation is underpaying for Fairmount shares, thus unlawfully harming Fairmount shareholders.
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