Robbins Umeda LLP Announces an Investigation of the Acquisition of Baldor Electric Company by ABB Ltd.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (the “Board”) of Baldor Electric Company (“Baldor” or the “Company”) (NYSE: BEZ) in connection with their efforts to sell Baldor to ABB Ltd. (“ABB”) (NYSE: ABB). If the transaction is completed, Baldor shareholders will receive $63.50 in cash for each share of Baldor common stock they hold. The transaction is expected to close in the first quarter of 2011.
Robbins Umeda LLP’s investigation concerns whether Baldor’s Board undertook a fair process to obtain fair consideration for all shareholders of Baldor. Specifically, our investigation concerns whether members of the Company’s Board breached their fiduciary duties to Baldor shareholders by failing to adequately shop the Company before entering into the transaction with ABB.
If you are a shareholder of Baldor, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org.