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The Gap Partnership

Law firm to look into Baldor Electric business merger

An investigation is taking place into a business deal involving Baldor Electric and ABB.

30 November 2010

A national security firm is to investigate whether fiduciary obligations towards share holders were breached by Baldor Electric and its board after it concluded sales negotiations with ABB.

Led by former federal judge Joe Kendall, the Kendall Law Group will conduct the inquiry to decide whether Baldor failed to properly shop around for the best deal for those with shares in the company.

It was announced earlier today (November 30th) that a definitive merger agreement was reached between ABB - the power technology group - and Baldor, in a transaction valued at approximately $3 billion (£1.9 billion).

Among those included in the Kendall Law Firm are prosecutors and lawyers with experience from previous complex securities litigation cases and a former US attorney.

The body has been involved in a number of merger and acquisition cases across the US, including some of the largest transactions that have taken place in the country.

Last week, the Financial Times reported there may be an increase in the number of business deals occurring in the US coal industry after Massey - the fourth largest producer of the energy source in the country - said it would be looking to increase its share market value.

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