Judge settles Trostel valuation dispute - leatherbiz: Leading news sit Leatherbiz

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Judge settles Trostel valuation dispute

29/09/2010
A court case in the US has concluded that the parent company of automotive leather supplier Albert Trostel & Sons, the Everett Smith Group, valued the company fairly when buying out the founder’s great-grandson in 2007.

The group, which also owns automotive tanning group Eagle Ottawa, valued Trostel at $243 million and offered minority shareholder Edward Notz $13.3 million for his shares. Mr Notz’s own valuation of Trostel at the time was higher at $280 million, which would have earned him an extra $2.2 million.

A federal judge has ruled that the Everett Smith Group’s valuation was fair. Reacting to the decision, group president, Thomas Hauske, said: “The company’s independent merger committee used a robust process in treating Mr Notz and the other shareholders fairly in all respects. We were always confident that the court would agree with our approach.”


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