Ademi & O’Reilly, LLP is investigating Tower International, Inc. (NYSE: TOWR) for possible breaches of fiduciary duty and other violations of the law in connection with the sale of Tower to Autokiniton.
Ademi & O’Reilly, LLP alleges Tower’s financial outlook is improving and yet shareholders will receive only $31 per share for each share of Tower common stock they own. Autokiniton is acquiring Tower at a substantial discount. The merger agreement unreasonably limits competing bids for Tower by prohibiting solicitation of further bids, and imposing a termination penalty if Tower accepts a superior bid. Tower insiders will receive millions of dollars as part of change of control arrangements. We are investigating on the conduct of Tower’s board of directors, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Tower.