Please do not leave this page until complete. This can take a few moments.
Barnes Group Inc. disclosed that it has received several demand letters from shareholders and is facing three lawsuits related to its pending sale to a private equity company.
In a filing with the U.S. Securities and Exchange Commission on Monday, the Bristol-based aerospace company said it disclosed the demand letters and lawsuits to minimize the risk of the sale being delayed.
Barnes announced its planned $3.6 billion sale to Apollo Global Management in early October.
In Monday’s filing, Barnes said the demand letters and lawsuits allege that the definitive proxy statement associated with the sale “contains certain disclosure deficiencies and/or incomplete information regarding the merger.”
“Although the outcome of, or estimate of the possible loss or range of loss, from these matters cannot be predicted, Barnes believes that the allegations contained in the demand letters and stockholder actions are without merit,” the company said.
Barnes is scheduled to hold a shareholder meeting Jan. 9, 2025, to vote on the company’s sale.
The company makes precision components for aerospace and other industries. It’s unclear what, if any, impact the sale would have on Barnes’ Bristol headquarters or its workforce.
Both Barnes and Apollo face hefty fees if the acquisition doesn’t occur.
Shareholders will be paid about $47.50 per share when the deal is closed.
The Hartford Business Journal 2025 Charity Event Guide is the annual resource publication highlighting the top charity events in 2025.
Learn moreHartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
SubscribeDelivering vital marketplace content and context to senior decision-makers throughout Connecticut ...
All Year Long!
The Hartford Business Journal 2025 Charity Event Guide is the annual resource publication highlighting the top charity events in 2025.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering vital marketplace content and context to senior decision-makers throughout Connecticut ...
All Year Long!
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments