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:
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.
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CONTACT: Spector Roseman Kodroff & Willis, P.C. (215) 496-0300 Toll Free: (888) 844-5862