NEW YORK, Aug. 31, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Marvel Entertainment, Inc. ("Marvel" or the "Company") (NYSE:MVL) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Walt Disney Co. ("Walt Disney") (NYSE:DIS). Under the terms of the agreement, Marvel shareholders would receive a total of $30 per share in cash plus approximately 0.745 Disney shares for each Marvel share they own for a total transaction value of approximately $4 billion. The transaction values Marvel shares at approximately $50 per share, based on the $26.84 closing price of Walt Disney stock the day prior to the announcement. The average closing price of Walt Disney stock for the six month period prior to the announcement is approximately $22.60 per share.
For fiscal year 2008, Marvel has reported revenues of $676 million and net income of $205 million, as compared to revenues of $485 million and income of $139 million for fiscal year 2007.
The investigation concerns whether the Marvel Board of Directors breached their fiduciary duties to Marvel shareholders by failing conduct a fair and open sales process in order to maximize shareholder value.
The companies expect to consummate the transaction before the end of 2009, subject to customary closing conditions, including all necessary regulatory and stockholder approvals.
If you own common stock in Marvel and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/mvl1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.