H.I.G. To Buy American Pacific

The private investment firm H.I.G. Capital has agreed to acquire American Pacific, a publicly traded maker of pharmaceutical and specialty chemicals, for about $392 million. H.I.G. is offering to pay Ampac shareholders $46.50 per share, which it says represents a 17% premium over the firm’s 60-day average closing price. However, several law firms seeking to represent investors are investigating whether Ampac breached its fiduciary responsibility by failing to obtain the highest possible price. For example, the law firm Robbins Arroyo noted that Ampac’s shares traded at $53.75 as recently as Oct. 17, 2013. Ampac’s sales in its most recent fiscal year were $215 million, up 16% from the previous year. Almost 60% of its sales were of active pharmaceutical ingredients and drug intermediates produced by its Ampac Fine Chemicals subsidiary. Ammonium perchlorate, a rocket fuel, is its next largest business.