Law Offices of Howard G. Smith Announces Investigation of Asset Acceptance Capital Corp.
11 Mars 2013 - 7:40PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the Board of Directors of
Asset Acceptance Capital Corp. (“Asset Acceptance” or the
“Company”) (NASDAQ: AACC) related to the proposed acquisition of
the Company by Encore Capital Group Inc. The transaction is valued
at approximately $200 million, or $6.50 per share. Under the terms
of the deal, shareholders will have the option to receive the
consideration in cash, Encore stock, or a combination of the
two.
This investigation concerns whether the Board of Directors of
Asset Acceptance breached their fiduciary duties to stockholders by
failing to adequately shop the Company before agreeing to enter
into the proposed transaction, and whether the Company has
disclosed all material information to shareholders about the
transaction. The Company has seen substantial recent growth. Its
share price has skyrocketed from $2.86 on November 21, 2011 to
$7.97 on October 15, 2012. Further, at least one analyst has set a
target price for the Company’s stock at $8 per share.
If you are a shareholder of Asset Acceptance, if you have
information or would like to learn more about our investigation, or
if you wish to discuss these matters or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Howard G. Smith, Esquire,
of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020 by telephone at 215-638-4847,
Toll-Free at 888-638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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