Nu Horizons stockholders wary of deal
LeviKorsinsky
Some shareholders have reacted to the announcement that Arrow Electronics Inc. is buying Nu Horizons Electronics Corp. by threatening litigation.
Arrow said Monday it would buy Nu Horizons in an all-cash deal, paying $7 a share. Both companies are based in Melville.
At least two law firms so far, Manhattan-based Levi & Korsinsky Llp and Robbins Umeda Llp in San Diego say they have launched investigations into the Nu Horizons board for “possible breaches of fiduciary duty.” As one firm put it, the investigation is checking whether Nu Horizons failed "to adequately shop the Company before entering into this transaction and whether Arrow is underpaying for Nu Horizons shares, thus unlawfully harming Nu Horizons stockholders."
The company did not have an immediate response to the actions by the law firms.
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