Furmanite Corporation (NYSE:FRM) Investor Investigation Concerning Proposed Acquisition Announced

If you purchased shares of Furmanite Corporation (NYSE:FRM) and currently hold any of those NYSE:FRM shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Furmanite
Affected Securities: 
NYSE: FRM

November 12, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Furmanite Corporation (NYSE:FRM), was announced concerning whether the takeover of Furmanite Corporation by Team, Inc for a value of approximately $7.53 per share is unfair to NYSE:FRM stockholders.

The investigation by a law firm concerns whether certain officers and directors of Furmanite Corporation breached their fiduciary duties owed to NYSE:FRM investors in connection with the proposed acquisition.

On November 2, 2015 Team, Inc. (NYSE:TISI) and Furmanite Corporation (NYSE:FRM) announced that the Boards of Directors of both companies have approved a merger agreement under which Tea, Inc. will acquire all of the outstanding shares of Furmanite Corporation (NYSE:FRM) in a stock-for-stock transaction valued at approximately $335 million, including the assumption of debt, which is intended to be tax-free to Furmanite stockholders for U.S. federal income tax purposes. Under the terms of the proposed merger, Furmanite Corporation (NYSE:FRM) stockholders will receive 0.215 shares of Team, Inc. common stock for each share of Furmanite Corporation (NYSE:FRM) common stock they own or a value of approximately $7.53 per share.

However, given that at least one analyst has set the high target price for NYSE:FRM shares at $10.00 per share and given that NYSE:FRM shares traded in May 2015 as high as $9.10 per share, the investigation concerns whether the offer is unfair to NYSE:FRM stockholders. More specifically, the investigation concerns whether the Furmanite Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Furmanite Corporation reported that its annual Total Revenue rose from $316.21 million in 2011 to $529.20 million in 2014. Shares of Furmanite Corporation (NYSE:FRM) reached in 2014 as high as $12.35 per share.