Case Page

 

Case Status:    DISMISSED    
On or around 03/28/2017 (Other)

Filing Date: February 08, 2017

According to the Complaint, On January 25, 2017, Arctic Cat issued a press release announcing entry into an Agreement and Plan of Merger dated January 24, 2017 (the “Merger Agreement”) to sell Arctic Cat to Textron. Under the terms of the Merger Agreement, Textron will acquire all outstanding shares of Arctic Cat for $18.50 in cash per share of Arctic Cat common stock (the “Merger Consideration”). Textron, through Purchaser, commenced the Tender Offer on February 2, 2017. The Tender Offer is scheduled to expire at 5:00 p.m. New York City Time on March 3, 2017. The Proposed Transaction is valued at approximately $247 million.

The Complaint alleges on February 2, 2017, Arctic Cat filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC (the “Recommendation Statement”) that omitted or misrepresented material information regarding the Proposed Transaction in violation of Sections 14(d)(4), 14(e) and 20(a) of the Exchange Act. The Recommendation Statement, which recommends that Arctic Cat stockholders tender their shares in favor of the Proposed Transaction, omits or misrepresents material information concerning, among other things: (i) Arctic Cat management’s projections, utilized by the Company’s financial advisor, Robert W. Baird & Co. Incorporated (“Baird”) in its financial analyses; (ii) the valuation analyses performed by Baird in connection with the rendering of its fairness opinion; and (iii) the background and sale process leading up to the Proposed Transaction.

Pursuant to a stipulation by the parties, this case was ordered dismissed on March 21, 2017.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Auto & Truck Manufacturers
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ACAT
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Minnesota
DOCKET #: 17-CV-00426
JUDGE: Hon. Wilhelmina M. Wright
DATE FILED: 02/08/2017
CLASS PERIOD START: 01/25/2017
CLASS PERIOD END: 02/08/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Altman & Izek
    901 N 3rd St Ste 140 , Altman & Izek , MN 55401
    612-335-3700 612-335-3701 ·
  2. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
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