Horizon Lines Under Investigation

Horizon Lines Under Investigation

Horizon Lines Under InvestigationNew York-based national securities firm Faruqi & Faruqi said it is investigating the Board of Directors of Horizon Lines, Inc., for potential breaches of fiduciary duties in connection with the sale of the company to Matson, Inc.

Juan E. Monteverde, a partner at Faruqi & Faruqi, will focus the investigation on whether Horizon’s Board of Directors failed to conduct a fair sales process, and whether and by how much this proposed transaction undervalues the company to the detriment of Horizon’s shareholders.

In a written press release the firm stated that ”the company’s stockholders will only receive USD 0.72 for each share of Horizon common stock they own.”

Last week Horizon said the company entered into definitive agreements for a series of transactions that will result in the sale of the entire company, the first being the sale of its Hawaii business to The Pasha Group, followed by Horizon Lines’ subsequent acquisition by Matson, Inc.

In the same press release Horizon also said that the company will cease providing liner service between the U.S.A. and Puerto Rico by the end of 2014 due to continuing losses without the prospect of future profitability.

Press Release

 

 

 

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >