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Maine & Maritimes Corporation Securities Litigation
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Maine & Maritimes Corporation (AMEX: MAM) shareholder litigation in
connection with alleged unfair takeover offer
On March 12, 2010, Maine & Maritimes Corporation (“MAM” or the
“Company”) announced that it agreed to sell the Company to Emera Inc.
("Emera"). Under the terms of the proposed transaction, MAM shareholders
will receive $45.00 in cash for each share of MAM they own.
The investigation concerns whether the MAM Board of Directors breached
their fiduciary duties to MAM stockholders by failing to adequately shop the
Company before entering into this transaction and whether Emera is
underpaying for MAM shares, thus unlawfully harming MAM stockholders.
In particular, at least one analyst has set a price target for MAM stock at
$54.00 per share.