NEW YORK, May 2, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of International Coal Group, Inc. ("International Coal" or the "Company") concerning the proposed acquisition of International Coal by Arch Coal, Inc. ("Arch") in an all-cash transaction valued at $3.4 billion.
The investigation concerns whether the Board of Directors breached their fiduciary duties in their consideration of a fair and adequate stock price for International Coal shareholders. Under the terms of the agreement, International Coal shareholders will receive $14.60 per share. However, metallurgical coal has been in high demand in recent months as producers try to meet steel demand in China and India. This acquisition is timed opportunistically at a valuation below the average net income and revenue multiples of recent similar transactions.
International Coal shareholders seeking more information about this acquisition are advised to contact Gustavo Bruckner, Esq. at gfbruckner@pomlaw.com or 212-661-1100 or toll free at 888-476-6529, ext. 302. Shareholders may also contact Rachelle R. Boyle at rrboyle@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) rrboyle@pomlaw.com