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.

Featured

Slideshows

Examining the changing job scene in the Kiwi channel

Examining the changing job scene in the Kiwi channel

Typically, the New Year brings new opportunities for personnel within the Kiwi channel. 2017 started no differently, with a host of appointments, departures and reshuffles across vendor, distributor and reseller businesses. As a result, the job scene across New Zealand has changed - here’s a run down of who is working where in the year ahead…

Examining the changing job scene in the Kiwi channel
​What are the top 10 tech trends for New Zealand in 2017?

​What are the top 10 tech trends for New Zealand in 2017?

Digital Transformation (DX) has been a critical topic for business over the last few years and IDC is now predicting a step change as DX reaches macroeconomic levels. By 2020 a DX economy will emerge and it will become the core of what New Zealand industries focus on. From the board level through to the C-Suite, Kiwi organisations must be prepared to think and act digital when the DX economy emerges in 2017.

​What are the top 10 tech trends for New Zealand in 2017?
Top 15 Kiwi tech storylines to follow in 2017

Top 15 Kiwi tech storylines to follow in 2017

​The New Year brings the usual new round of humdrum technology predictions, glaringly general, unashamedly safe and perpetually predictable. But while the industry no longer sees value in “cloud is now the norm” type projections, value can be found in following developments of the year previous, analysing behaviours and patterns to formulate a plan for the 12 months ahead. Consequently, here’s the top Kiwi tech storylines to follow in 2017...

Top 15 Kiwi tech storylines to follow in 2017
Show Comments