Law Firm Brower Piven Announces Investigation of Asset Acceptance Capital Corp. Proposed Acquisition
12 Mars 2013 - 5:43PM
Business Wire
The securities litigation firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches
of fiduciary duty to current shareholders of Asset Acceptance
Capital Corp. (“Asset Acceptance” or the “Company”) (Nasdaq: AACC)
and other violations of state law by the board of directors of
Asset Acceptance relating to the proposed acquisition of the
Company by Encore Capital Group, Inc. (“Encore”). The firm’s
investigation seeks to determine, among other things, whether Asset
Acceptance’s board of directors breached their fiduciary duties by
failing to maximize shareholder value.
As stated in the press release announcing the proposed
acquisition, Encore will acquire Asset Acceptance for $6.50 per
share, which represents a total equity value of approximately $200
million. Asset Acceptance shareholders will have the option to
receive their consideration in cash or Encore stock or any
combination of cash and Encore stock, at their election, with the
aggregate stock consideration across all stockholders capped at 25
percent of the total equity consideration to be received. According
to Yahoo! Finance, the high analyst price target is $8.00 per Asset
Acceptance share.
If you currently own common stock of Asset Acceptance and would
like to learn more about the investigation being conducted by
Brower Piven, you may email or call Brower Piven, who will, without
obligation or cost to you, attempt to answer your questions. You
may contact Brower Piven by email at hoffman@browerpiven.com, by
calling (410) 415-6616, or at Brower Piven, A Professional
Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153.
Attorneys at Brower Piven have combined experience litigating
securities and other class action cases of over 60 years.
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