updated 10/19/2010 4:45:15 AM ET 2010-10-19T08:45:15

PHILADELPHIA, Oct. 18, 2010 (GLOBE NEWSWIRE) -- Spector Roseman Kodroff & Willis, P.C. ("SRKW") announced today that it is investigating potential claims against the board of directors of Polymer Group Inc. ("Polymer Group" or the "Company") (OTCBB:POLGA) (OTCBB:POLGB) concerning possible breaches of fiduciary duty and other violations of law related to the Company's entry into an agreement to be acquired by an affiliate of Blackstone Capital Partners V, L.P.

The investigation relates to the approval of the transaction by the Company's board of directors; in particular, whether the board of directors undertook a fair process to obtain fair consideration for the shareholders of Polymer Group.

Under the proposed agreement, each holder of outstanding shares of Polymer Group common stock will be entitled to receive up to $18.16 in cash for each share they own. A portion of the aggregate purchase consideration totaling $64.5 million, or approximately $2.91 per share, will be deposited into an escrow account at closing to cover potential tax liabilities. As a result of the reserve of the escrow funds, each holder of outstanding shares of Polymer Group common stock will be entitled to receive approximately $15.25 and will be entitled to receive its ratable share of any additional amounts if and when released from the escrow fund.

If you own shares of Polymer Group and would like to learn more about these claims or wish to discuss this matter further, you are encouraged to contact the following SRKW attorneys via telephone or e-mail:

About SRKW

SRKW has been representing individual and institutional investors for nearly three decades, serving as lead counsel in numerous securities class actions in U.S. federal and state courts. Please visit the firm's website ( http://www.srkw-law.com ) for more information about the firm.

The Spector Roseman Kodroff & Willis, P.C. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2010

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com