Zareba Systems, Inc. (NASDAQ:ZRBA) is currently being investigated by the Law Offices of Howard G. Smith, due to claims against its board directors. The claims are related to Zareba’s merger agreement with Woodstream Corporation for $23 million. Woodstream is majority owned by Brockway Moran & Parnters, Inc. and Code Hennessy & Simmons LLC.
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Pursuant to the agreement, Zerba shareholders are to receive $9.00 in cash for each outstanding share of common stock. A newly formed subsidiary of Woodstream would then merge with and into Zareba, resulting in Zareba becoming a wholly owned subsidiary of Woodstream. The investigation is to examine possible fiduciary duty breaches and over related law violations relating to the approval of the agreement.
Zareba Systems, Inc. (Zareba) designs, manufactures and markets electronic perimeter fence and access control systems, operating in one world-wide business segment. The Company designs, manufactures and sells electronic perimeter fence and access control systems in both North America and the United Kingdom. These products are used for the control, containment and deterrent of animals, including horses and livestock in agricultural applications, and small animals in lawn and garden applications, including the hobby farm market. These products are also used in perimeter security applications to deter, detect, delay, assess and respond to intrusions or escapes in a range of applications, including utilities, airports, correctional facilities and other commercial and government properties. Zareba has three subsidiaries: Zareba Systems Europe Limited, Zareba Security, Inc. and Zareba Systems of Canada LTD.
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