Kendall Law Group Investigates The Lubrizol Corporation Acquisition for Shareholders

Submitted by Norm Roulet on Mon, 03/14/2011 - 17:36.

Kendall Law Group Investigates The Lubrizol Corporation Acquisition for Shareholders

DALLAS, Mar 14, 2011 (BUSINESS WIRE) --

Kendall Law Group, led by former federal judge Joe Kendall, is investigating The Lubrizol Corporation (NYSE: LZ) for shareholders in connection with the proposed acquisition by Berkshire Hathaway Inc. The national securities firm's investigation seeks to determine whether Lubrizol and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Lubrizol shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at skendall [at] kendalllawgroup [dot] com.

On March 14, 2011, the companies announced the definitive merger agreement under which Lubrizol would be acquired by Berkshire Hathaway, in a transaction valued at approximately $9 billion. Under the terms of the agreement, Lubrizol stockholders will receive $135.00 in cash for each share of Lubrizol/LZ common stock held. According to Thompson/First Call, analysts have set a price target as high as $148.00 per share for Lubrizol stock. Earlier this year, Lubrizol reported higher-than-expected fourth quarter profits and issued a "bullish forecast for 2011," with Chief Executive Officer James Hambrick stating: "I reiterate my deep confidence in our ability to deliver an eighth consecutive record year of earnings." The firm's investigation seeks to determine whether Lubrizol and its Board negotiated a deal that provides the best value available to shareholders.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.

SOURCE: Kendall Law Group CONTACT: Kendall Law Group LLP Scott Kendall, 214-744-3000 877-744-3728 Toll Free 214-744-3015 Facsimile skendall [at] kendalllawgroup [dot] com www.kendalllawgroup.com Copyright Business Wire 2011 -0- KEYWORD: United States

Here's a lawsuit I can believe-in, in Cleveland

Here's a lawsuit I can believe-in, in Cleveland. I suggest Kendall look for signs of insider trading among Cleveland's immediate and internetworked legal, business and foundation leadership... this is too big of an overnight moneymaker - 25% profit in a weekend -  for the top dealmakers and moneybags in NEO to be left on the side... REAL Cleveland leaders just don't work that way... especially with Jones Day in the middle, and so much polluting of the world and killing of innocent people as the ultimate payoff...

As World's top baby-killer buys your NEO's Lubrizol

As World's top polluter and baby killer buys your NEO's Lubrizol...

Clevelander's can't have polluted cake and expect rights to eat it too.

Lubrizol Corp. bought by Berkshire Hathaway Corp.
 
Warren Buffett's company is paying $9.7 billion in cash for the Wickliffe-based special chemicals maker. Lubrizol will continue to be based in Wickliffe and will be led by its current management team.

Buffett Foundation

Most of Buffett’s share of the charitable donations (over $100 million) went to his Buffett Foundation, which supports the most radical aspects of the population control movement. In 1994, Buffett provided $2 million in funding for the Population Council, which was used to fund clinical trials of Mifepristone (RU-486). Buffett also provided $2 million to Family Health International for the distribution of quinacrine hydrochloride, a chemical with sterilizes a woman by burning her fallopian tubes. Quinacrine is illegal in the U.S., but is used, often coercively, in Vietnam, India, and other nations. In the late 1990s, Buffett committed to a $20 million grant to International Projects Assistance Services (IPAS) which manufactures and distributes manual vacuum aspirators, used for performing abortions in the Third World.3

From Rupert Murdoch to Warren Buffett to, yes, John McCain

January 9, 2010

Rolling Stone has two pieces on climate politics in its latest issue, by Jeff Goodell and Tim Dickinson.  “Planet Earth 911” is on “Big Oil and Big Coal’s lobbying campaign to block progress on global warming,” and “The Climate Killers” is on Warren Buffett, Rupert Murdoch, Jack Gerard, Rex Tillerson, Sen. Mary Landrieu, The Swift Boat smearer, Inhofe, David Ratcliffe, Dick Gephardt (!), George Will, Tom Donohue, Don Blankenship, Fred Singer, Sen. John McCain (!), Rep. Joe Barton, Charles and David Koch.

I don’t agree with either piece 100% but they are well worth reading, and not just because the latter piece quotes me a couple of times.  Rolling Stone deserves a huge amount of credit for continuing to put out first-rate work on the story of the century.

Let’s look a little closer at three of RS’s “climate killers,” starting with Buffett:

 

The Profiteer
Warren Buffett
CEO, Berkshire Hathaway

Despite being a key adviser to Obama during the financial crisis, America’s best-known investor has been blasting the president’s push to curb global warming — using the same lying points promoted by far-right Republicans. The climate bill passed by the House, Buffett insists, is a “huge tax — and there’s no sense calling it anything else.” What’s more, he says, the measure would mean “very poor people are going to pay a lot more money for their electricity.” Never mind that the climate bill, according to the nonpartisan Congressional Budget Office, would actually save Americans with the lowest incomes about $40 a year.

But Buffett, whose investments have the power to move entire markets, is doing far more than bad-mouthing climate legislation — he’s literally banking on its failure. In recent months, the Oracle of Omaha has invested billions in carbon-polluting industries, seeking to cash in as the world burns. His conglomerate, Berkshire Hathaway, has added 1.28 million shares of America’s biggest climate polluter, ExxonMobil, to its balance sheet. And in November, Berkshire placed a huge wager on the future of coal pollution, purchasing the Burlington Northern Santa Fe railroad for $26 billion — the largest acquisition of Buffett’s storied career. BNSF is the nation’s top hauler of coal, shipping some 300 million tons a year. That’s enough to light up 10 percent of the nation’s homes — many of which are powered by another Berkshire subsidiary, MidAmerican Energy. Although Berkshire is the largest U.S. firm not to disclose its carbon pollution — and second globally only to the Bank of China — its utilities have the worst emissions intensity in America, belching more than 65 million tons of CO2 into the atmosphere in 2008 alone.

As a savvy investor, Buffett would only buy a coal-shipping railroad if he felt certain that Congress will fail to crack down on climate pollution. “Whatever hurts coal also hurts the railroad business,” observes Peter Gray, a corporate climate attorney at the international law firm of McKenna Long & Aldridge. “Mr. Buffett must believe that efforts to adopt cap-and-trade legislation will fail.”

That’s a strange position for the billionaire to take, given that he’s promised to donate more than 80 percent of his fortune to the Bill & Melinda Gates Foundation. “As someone who is giving so much money to international development, Buffett ought to know better,” says Joe Romm, who served as an assistant energy secretary under Bill Clinton. “He ought to have spent a great deal of time considering the greatest threats to developing countries — which would have quickly educated him about climate change.”

Buffett has been a great disappointment:

But at least CP readers found out a key reason why last year:  He hangs around with the wrong crowd — see Error-riddled ‘Superfreakonomics’, Part 2: Who else have Nathan Myhrvold and the Groupthinkers at Intellectual Ventures duped and confused? Would you believe Bill Gates and Warren Buffett?

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Represented by supreme baby killers Jones Day

Lubrizol was represented by supreme baby killers Jones Day, who represented and killed reaLINKS in an attempt to kill realNEO, in 2006, to make sure Cleveland keeps killing babies with lead poisoning while Sherwin Williams is celebrated, responsibility-free.

The Resident evil of Cleveland that just keeps on killing babies... Jones Day in, and day out...

After the close of the transaction, Lubrizol will operate as a subsidiary of Berkshire Hathaway.

Citi and Evercore Partners are acting as financial advisers to Lubrizol, which is using Jones Day as its legal counsel. Leaders of the Jones Day deal team are Lyle Ganske and James Dougherty, both Cleveland partners.

Berkshire Hathaway's transaction counsel is Munger, Tolles & Olson LLP.

Safe to assume Buffett got the better end of this deal... as Lubrizol is no longer a part of Cleveland history, but just a memory in the hands of those Teaching Cleveland.

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A bunch of old Clevelanders just made tons of money...

A bunch of old Clevelanders just made tons of money... especially if they knew this deal was going down and could acquire stock... I wonder where we would get a list of top Lubrizol shareholders in and influencing other things NEO, and recent large and small stock purchases...??!! They can already cash-out...

Shareholders will get $135 for each share of stock, a 28 percent premium over Friday's close.

In early trading today, Lubrizol's stock was 27 percent to $133.84 per share. O'Reilly said he expects the stock to quickly move to close to $135 per share until the deal closes. The stock offer is worth $9 billion, and Buffett is taking on Lubrizol's $700 million in debt.

Because it's not merging with a rival, antitrust issues won't come into play, he said. And because it's Warren Buffett buying the company in cash, last-minute financing problems aren't likely the scuttle the deal.

"It's about as straightforward as you can make a deal of this size," O'Reilly said.

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