SAN DIEGO and NORWALK, Conn., Sept. 5, 2014 (GLOBE NEWSWIRE) -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Bolt Technology Corporation by Teledyne Technologies Incorporated. On September 4, 2014, the companies announced the signing of a definitive merger agreement pursuant to which Teledyne will acquire Bolt. Under the terms of the agreement, holders of Bolt will receive $22.00 per share for each share of Bolt owned.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/bolt-technology-corporation
Is the Proposed Acquisition Best for Bolt and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Bolt is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, on August 13, 2014, Bolt released its fourth quarter and fiscal year 2014 earnings, reporting strong sales and net income for the year. Notably, for the fiscal year ended June 30, 2014, Bolt reported sales of $67,515,000, an increase of 17% compared to fiscal 2013. In addition, the company reported that its net income rose 22% to $8,149,000 in fiscal 2014, compared to $6,700,000 for fiscal 2013. Bolt also reported that the company's income before income taxes and acquisition contingent earnout for 2013 increased 32% to $16,003,000, compared to $10,691,000 for fiscal 2013.
In announcing these results, Raymond Soto, the company's Chairman and CEO, noted, "Fiscal year 2014 was a very strong year for our Company despite the $2,500,000 contingent earnout charge and high research and development costs in connection with the development of our environmentally friendly marine seismic energy source. We are hopeful that fiscal year 2015 will be another successful year for the Company."
In light of these facts, Robbins Arroyo LLP is examining Bolt's board of directors' decision to merge the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
Bolt shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. Bolt shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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