Tripp Levy PLLC Investigates Management Buyout of Alloy, Inc.
24 Giugno 2010 - 5:06PM
Business Wire
Tripp Levy PLLC announces an investigation into the proposed
acquisition of Alloy, Inc. (NASDAQ: ALOY). ZelnickMedia and Alloy,
Inc. (Nasdaq:ALOY) announced today that an investor group led by
ZelnickMedia has agreed to acquire Alloy for $9.80 per share in
cash. The transaction is valued at approximately $126.5 million.
Members of Alloy's senior management will invest in the transaction
in conjunction with ZelnickMedia. Alloy's co-founders, Matt Diamond
and Jim Johnson, will continue to run the company as CEO and COO,
respectively. They will exchange a portion of their Alloy shares
for an equity interest in the acquirer. The rest of the Alloy
senior management team is expected to remain in place as well.
In addition to ZelnickMedia, co-investors will include Natixis
Caspian Private Equity, Rosemont Solebury Co-Investment Fund, and
GenSpring Family Offices. Diamond and Johnson, together with
certain other Alloy shareholders, holding in the aggregate
approximately 25% of the outstanding shares, have agreed to vote in
favor of the transaction at the shareholders meeting.
The investigation concerns, among other things, whether the
consideration to be paid to Alloy shareholders is grossly unfair,
inadequate, and substantially below the fair or inherent value of
Alloy. The investigation further concerns whether the directors of
Alloy may have breached their fiduciary duties by not acting in
Alloy shareholders' best interests in connection with the sale
process of Alloy.
If you own Alloy common stock and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact
Tripp Levy Tripp Levy PLLC 125 East 82nd Street 9th Floor New York,
New York Toll Free: 877-772-3975
Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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