NEW YORK -- Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of General Bearing Corporation (referred to as "General Bearing" or the "Company") to SKF Group, in a cash transaction valued at approximately $125 million, net of contractual adjustments and the satisfaction of certainobligations and liabilities of the company, and is subject to adjustments that could arise from escrow arrangements related to both working capital and indemnifications.
Under the terms of the merger agreement, SKF shareholders will receive $28.00 per SKF share they own. The transaction is structured as a merger requiring approval of a majority of General Bearing Corporation's shareholders at a special meeting, which is expected to take place March 19, 2012 in West Nyack, NY.
Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Company's shareholders. If you are a holder of General Bearing common stock and want todiscuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions.
If you are a shareholder of General Bearing and would like more information about our investigation, please contact Joshua M. Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an e-mail including your contact information to: [email protected]. All e-mail correspondence should make reference to General Bearing.
Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit their website at www.nyclasslaw.com.