Halper Sadeh LLC said it is reviewing the proposed transactions and told shareholders the terms may favor insiders or limit competing offers in some cases.
Halper Sadeh LLC said it is investigating four announced transactions involving Pulmatrix, Simulations Plus, Olin and Huntsman for potential violations of federal securities laws or breaches of fiduciary duties. The law firm said Simulations Plus, Inc. is being sold to affiliates of Altaris, LLC for $18.50 per share; Huntsman Corporation is being sold to Olin Corporation for 0.5476 shares of Olin for each Huntsman share; Olin shareholders are expected to own about 54.5% of the combined company after Olin’s merger with Huntsman; and Pulmatrix, Inc. stockholders are expected to own about 6% of the combined company after its merger with Eos SENOLYTIX, Inc. The release said insiders may receive substantial financial benefits not available to ordinary shareholders and that proposed terms may limit superior competing offers. Halper Sadeh said it may seek increased consideration, additional disclosures, or other relief on behalf of shareholders.