Foundation Building Materials, Inc.
FOUNDATION BUILDING (FBM) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Foundation Building Materials, Inc.
(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Foundation Building Materials, Inc. (NYSE: FBM) (“Foundation Building” or the “Company”) relating to the sale of the Company to affiliates of private equity firm American Securities, LLC (“American Securities”). On November 13, 2020, the two parties announced the signing of a definitive merger agreement pursuant to which American Securities will acquire Foundation Building in a merger in a deal worth $1.37 billion. As a result of the merger, Foundation Building shareholders are only anticipated to receive $19.25 per share in cash in exchange for each share of Foundation Building.
Andrews & Springer’s investigation so far has revealed that the consideration Foundation Building shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the deal consideration is less than the Company’s $19.41 per share price as of the closing of the markets earlier this year on January 15, 2020. Our investigation has also revealed that the process leading up to the announcement of the merger appears to have significant conflicts of interest thus making the process and consideration unfair.
If you own shares of Foundation Building and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/foundation-building-class-action-investigation/ or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.