Shareholders Foundation Announces Emergency Medical Services Corporation Investor Lawsuit to Block Buyout
07 Mars 2011 - 3:34PM
The Shareholders Foundation, Inc. announces that an investor in
Emergency Medical Services Corporation (NYSE:EMS) shares filed a
lawsuit in State Court against members of board of directors of
Emergency Medical Services Corp. alleging breaches of fiduciary
duty arising out of their attempt to sell Emergency Medical
Services to private equity firm Clayton Dubilier & Rice LLC via
an unfair process at an unfair price.
Those who are current investors in Emergency Medical Services
Corporation (EMS) and purchased PLD shares prior to Feb 14,
2011, should contact the Shareholders Foundation by e-mail at
mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On Monday, Feb 14, 2011, Emergency Medical Services Corporation
and Clayton, Dubilier & Rice, LLC announced a definitive merger
agreement under which EMS stockholders would receive, at the
closing of the transaction, $64.00 in cash for each share of
Emergency Medical Services Corp Class A common stock and Class B
common stock and each LP Exchangeable Unit.
However the plaintiff alleges, among other things, that the
price is unfair to EMS investors, because data shows that
private-equity firms had announced almost 400 pending or completed
acquisitions of U.S. health products and services companies in the
past five years, with an average size of $449.4 million and a
typical is premium of 30% but here rather than providing a premium,
the offer represents a 9.4% discount to EMS's closing stock price
on Feb 11 of $70.66.
In addition, so the plaintiff, the price is inadequate because
analysts have set price targets for EMS stock above the $64 offer
price, with a high target of $76. In addition Emergency Medical
Services Corporation performed exceptionally well for its
shareholders in the past.
Furthermore the plaintiff alleges the sale process is unfair
because of the impact of Onex Corporation and its affiliates, which
own 31% of Emergency Medical Services. The plaintiff claims that
Onex Corporation and its affiliates have sufficient voting power to
approve the merger, and already have agreed to vote in favor of
adoption of the Merger Agreement.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring service and an investor advocacy group which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT: Shareholders Foundation, Inc.
Trevor Allen
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Emergency medical (NYSE:EMS)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Emergency medical (NYSE:EMS)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024