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| Protecting the Rights of Shareholders and Consumers |
The Black & Decker Corp. Securities Litigation
The Black & Decker Corp. (NYSE: BDK) shareholder litigation over alleged unfair merger
On November 2, 2009, The Black & Decker Corp. (“Black & Decker” or the “Company”) announced that it agreed to sell the
Company to Stanley Works ("Stanley") (NYSE: SWK). Under the terms of the transaction, Black & Decker shareholders will receive
1.275 shares of Stanley stock for each share of Black & Decker they own, or approximately $57.56, based on the $45.15 closing
price of Stanley shares the day before the merger was announced, for a total transaction value of approximately $3.46 billion.
The investigation concerns whether the Black & Decker Board of Directors breached their fiduciary duties to Black & Decker
shareholders given that (i) the average closing price over the last six-months for Stanley stock is approximately $39.35 per share
which implies a transaction value of approximately $50.17 per share; (ii) Black & Decker shares traded as high as $52.25 per
share as recently as October 12, 2009; and (iii) at least one analyst has set a price target for Black & Decker stock at $63.00 per
share.
On November 2, 2009, The Black & Decker Corp. (“Black & Decker” or the “Company”) announced that it agreed to sell the
Company to Stanley Works ("Stanley") (NYSE: SWK). Under the terms of the transaction, Black & Decker shareholders will receive
1.275 shares of Stanley stock for each share of Black & Decker they own, or approximately $57.56, based on the $45.15 closing
price of Stanley shares the day before the merger was announced, for a total transaction value of approximately $3.46 billion.
The investigation concerns whether the Black & Decker Board of Directors breached their fiduciary duties to Black & Decker
shareholders given that (i) the average closing price over the last six-months for Stanley stock is approximately $39.35 per share
which implies a transaction value of approximately $50.17 per share; (ii) Black & Decker shares traded as high as $52.25 per
share as recently as October 12, 2009; and (iii) at least one analyst has set a price target for Black & Decker stock at $63.00 per
share.
