SAN DIEGO, Jan. 4, 2021 /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, LLP has launched an investigation into whether the board members of FLIR Systems, Inc. (NASDAQ: FLIR) breached their fiduciary duties in connection with the proposed sale of the Company to Teledyne Technologies Incorporated (NYSE: TDY) ("Teledyne").
On January 4, 2021, FLIR announced that it had entered into a definitive merger agreement with Teledyne. Under the terms of the deal, FLIR stockholders will receive $28.00 per share in cash and 0.0718 shares of Teledyne common stock for each FLIR share, which implies a total purchase price of $56.00 per FLIR share based on Teledyne's 5-day volume-weighted average price as of December 31, 2020. However, shareholders will be subject to the future price fluctuation of Teledyne's stock price.
The investigation concerns whether the FLIR board failed to satisfy its duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for FLIR shares of common stock.
If you are a shareholder of FLIR and believe the proposed buyout price is too low or you're interested in learning more about the investigation, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
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SOURCE Johnson Fistel, LLP