Barnes Group Inc. disclosed that it has received several demand letters from shareholders and is facing three lawsuits related to its pending sale to a private equity company.
In a filing with the U.S. Securities and Exchange Commission on Monday, the Bristol-based aerospace company said it disclosed the demand letters and lawsuits to minimize the risk of the sale being delayed.
Barnes announced its planned $3.6 billion sale to Apollo Global Management in early October.
In Monday’s filing, Barnes said the demand letters and lawsuits allege that the definitive proxy statement associated with the sale “contains certain disclosure deficiencies and/or incomplete information regarding the merger.”
“Although the outcome of, or estimate of the possible loss or range of loss, from these matters cannot be predicted, Barnes believes that the allegations contained in the demand letters and stockholder actions are without merit,” the company said.
Barnes is scheduled to hold a shareholder meeting Jan. 9, 2025, to vote on the company’s sale.
The company makes precision components for aerospace and other industries. It’s unclear what, if any, impact the sale would have on Barnes’ Bristol headquarters or its workforce.
Both Barnes and Apollo face hefty fees if the acquisition doesn’t occur.
Shareholders will be paid about $47.50 per share when the deal is closed.
