Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of International Coal Group, Inc. (NYSE: ICO). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of International Coal in connection with their efforts to sell International Coal to Arch Coal, Inc. (NYSE: ACI).
If you own stock in International Coal and would like more information about your shareholder rights, please contact Gregory E. Del Gaizo at 800-350-6003 or via the shareholder information form on our website.
On May 2, 2011, Arch Coal and International Coal announced they have signed a definitive agreement under which Arch Coal will acquire all outstanding shares of International Coal for $14.60 per share. The transaction is structured as a tender offer to be followed as soon as possible by a merger. The tender offer is expected to commence in mid-May. The transaction is expected to be completed in the second quarter of 2011.
The investigation focuses on whether International Coal's board is undertaking a fair process to obtain maximum value for its shareholders. Notably, on April 27, 2011, International Coal increased its coal production guidance. In particular, it increased its guidance for the volume of high volume A products from its Tygart mine by 50% from its previous estimates and its guidance midpoint for its Beckley operation by 0.05mn tons.
Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.
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