Rigrodsky & Long, P.A. Investigates Polymer Group, Inc. Buyout

  • Do you own Polymer Group Inc. common stock?
  • Did you purchase your shares prior to October 4, 2010?
  • Do you feel that Blackstone's offer is unfair?
  • Do you want to discuss your rights?

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R & L is national law firm with decades of combined legal experience. R & L is investigating potential claims against the board of directors of Polymer Group, Inc. concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by an affiliate of Blackstone Capital Partners V, L.P..

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Rigrodsky & Long, P.A. Investigates Polymer Group, Inc. Buyout

Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Polymer Group, Inc. (“PGI” or the “Company”) (OTC Bulletin Board: POLGA/POLGB) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by an affiliate of Blackstone Capital Partners V, L.P. (“Blackstone”).

Under the proposed agreement, each holder of outstanding shares of PGI common stock will be entitled to receive up to $18.16 in cash for each share they own. A portion of the aggregate purchase consideration totaling $64.5 million, or approximately $2.91 per share, will be deposited in an escrow account at closing and will be available to cover potential tax liabilities. As a result of the reserve of the escrow funds, each holder of outstanding shares of PGI common stock will be entitled to receive approximately $15.25 at closing, and will be entitled to receive its ratable share of any additional amounts if and when released from the escrow fund in accordance with the definitive agreement.

The investigation concerns whether PGI’s board of directors failed to adequately shop the Company and obtain the best price possible for PGI’s shareholders before entering into the agreement with Blackstone. Indeed, MatlinPatterson Global Opportunities Partners L.P. and certain of its affiliates, the holders of approximately 63.4% of the voting power of the outstanding shares of PGI common stock, have already executed a written consent adopting and approving the definitive agreement.

If you own the common stock of PGI and purchased your shares before October 4, 2010, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or by e-mail to info@rigrodskylong.com.

Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

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R & L, with offices in Delaware and New York, litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising.  Prior results do not guarantee a similar outcome.

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