Levi & Korsinsky, LLP has commenced an investigation into the fairness of the merger of Woodward, Inc. (“Woodward” or the “Company”) (NASDAQ: WWD) with Hexcel Corporation (“Hexcel”) (NYSE: HXL). Under the terms of the merger, Hexcel shareholders will receive 0.625 shares of Woodward common stock for each share of Hexcel common stock they own, and Woodward shareholders will continue to own the same number of shares of common stock in the combined company as they do immediately prior to the closing. Upon completion of the merger, Woodward shareholders will own approximately 55% and existing Hexcel shareholders will own approximately 45% of the combined company on a fully diluted basis.
The Woodward merger investigation concerns whether the Board of Woodward breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction and whether the merger with Hexcel undervalues Woodward shares, thus unlawfully harming Woodward shareholders.
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