The Law Office of Vincent Wong Announces Investigation of Acquisition of Bluelinx Holdings Inc. by Majority Shareholder
The Law Office of Vincent Wong is investigating the Board of Directors of Bluelinx Holdings Inc. ("Bluelinx" or the "Company") (NYSE: BXC) and its majority shareholder, Cerberus ABP Investor LLC ("CAI"), for possible breaches of fiduciary duty and other violations of state law.
- New York, NY (1888PressRelease) July 24, 2010 - CAI announced that it intends to commence a tender offer for all of the publicly held shares of BlueLinx that it does not already own at a price of $3.40 in cash per share. Based on shares outstanding as of May 7, 2010, CAI currently owns 55.39% of the outstanding common stock of BlueLinx. In a letter sent to the Board of Directors of BlueLinx, CAI stated that it has no current interest in selling its stake in BlueLinx nor would it currently expect, in its capacity as a stockholder, to vote in favor of any alternative sale, merger or similar transaction.
The investigation concerns whether the Bluelinx Board of Directors breached their fiduciary duties to Bluelinx stockholders and whether CAI is underpaying for Bluelinx shares. Bluelinx stock traded at over $6.00 per share in April this year and at least one analyst set a price target for Bluelinx stock at $5.00 per share.
If you own common stock in Bluelinx and wish to obtain additional information about this investigation, please contact Vincent Wong, Esq. directly, via email at vw ( @ ) wongesq dot com, by telephone at 212 dot 584 dot 2740, or visit http://www dot wongesq dot com/bluelinx-bxc dot html dot
Vincent Wong, Esq. is an experienced attorney that has represented investors in securities litigations involving financial fraud and violations of shareholder rights.
CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 403
New York, NY 10002
Tel. 212.584.2740
Fax. 866.367.6510
E-Mail: vw ( @ ) wongesq dot com
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