Air Methods Corp (NASDAQ:AIRM) Investor Lawsuit Against Acquisition By American Securities LLC Filed

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Company Name(s): 
Air Methods
Case Name: 
Air Methods Deal Case 04/12/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: AIRM
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
04/12/2017
Summary: 

April 12, 2017 (Shareholders Foundation) - An investor, who currently holds shares of Air Methods Corp (NASDAQ:AIRM), filed a lawsuit in effort to halt the proposed takeover of Air Methods Corp. by American Securities LLC for $43.00 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:AIRM stockholders by agreeing to sell Air Methods Corp too cheaply via an unfair process to affiliates of American Securities LLC

On March 14, 2017, Air Methods Corp (NASDAQ:AIRM) announced that it has entered into an agreement to be acquired by affiliates of American Securities LLC. Under the terms of the agreement, affiliates of American Securities LLC will acquire all outstanding shares of Air Methods Corp (NASDAQ:AIRM) for $43.00 per share in cash.

However, plaintiff claims that the proposed consideration NASDAQ:AIRM shareholders will receive is grossly inadequate and undervalues Air Methods Corp. Indeed, at least one analyst has set the high target price for NASDAQ:AIRM shares at $47.00 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:AIRM stockholders.

Shares of Air Methods Corp (NASDAQ:AIRM) closed on April 12, 2017 at $42.95 per share.