Menu
Ingram Micro sale to Tianjin Tianhai under scrutiny

Ingram Micro sale to Tianjin Tianhai under scrutiny

Law firm and securities litigation company investigate potential claims against the Board of Ingram Micro over the merger

A US report claims there is already a whiff of opposition to the sale of Ingram Micro to Chinese company, Tianjin Tianhai Investment Co.

Business Wire has published a story headlined Ingram Micro Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor LLP Investigate Merger with Tianjin Tianhai Investment Co.

It claims "former United States Securities and Exchange Commission attorney, Willie Briscoe, and the securities litigation company, Powers Taylor LLP, are investigating investigating potential claims against the Board of Directors of Ingram Micro Inc. (“Ingram”) (NYSE: IM) concerning the merger with Tianjin Tianhai Investment Co".

Business Wire reports the Briscoe Law Firm and Powers Taylor investigation centres "on whether Ingram’s Board of Directors is acting in the shareholders’ best interests, whether the board is properly negotiating a higher share price for the shareholders, and whether the board has employed an adequate process to review and act on the proposed transaction."

The deal has been well received by investors if New York Stock Exchange figures (NYSE) are anything to go by. Shares jumped for $29.64 at 4pm on Wednesday, February 17, to a high of $US36.32 on Thursday, February 18, before settling back a little to $US35.91 at 4pm Monday, February 22.
Terms of the deal will see Tianjin Tianhai acquire Ingram Micro for $US38.90 per share in an all-cash transaction.

Upon close of the merger, Ingram Micro will become a part of HNA Group, a Hainan-based Fortune Global 500 enterprise group and a leader in aviation, tourism and logistics and the largest stockholder of Tianjin Tianhai.

The transaction, which has been unanimously approved by both Ingram Micro's and Tianjin Tianhai's boards of directors, represents a premium of approximately 39 per cent over the average closing share price of Ingram Micro for the 30 trading days ended February 16, 2016.

Following the close of the transaction, which is expected in the second half of 2016, Ingram Micro will operate as a subsidiary of Tianjin Tianhai, consolidated under HNA Group, the largest stockholder of Tianjin Tianhai (via HNA Group's subsidiaries).

Follow Us

Join the New Zealand Reseller News newsletter!

Error: Please check your email address.

Tags Ingram Microinvestigation acquisitionTianjin Tianhai Investment Co.

Slideshows

Meet the leading HP partners in New Zealand...

Meet the leading HP partners in New Zealand...

HP has recognised its top performing partners in New Zealand at the second annual 2016 HP Partner Awards, held at a glittering bash in Auckland. The HP Partner Awards recognises and celebrates excellence, growth, consistency and engagement of its top partners. This year also saw the addition of several new categories, resulting in 11 companies winning across 11 award categories.

Meet the leading HP partners in New Zealand...
Channel comes together as Ingram Micro Showcase hits Auckland

Channel comes together as Ingram Micro Showcase hits Auckland

Ingram Micro outlined its core focuses for 2017 at Showcase in Auckland, bringing together the channel for a day of engaging keynotes, compelling breakout sessions and new technologies.

Channel comes together as Ingram Micro Showcase hits Auckland
Show Comments