Robbins Umeda LLP Is Investigating CKx, Inc. Acquisition for Shareholders
11 Maggio 2011 - 12:08AM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of CKx, Inc. (NADSAQ: CKXE). The
firm has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by members of the
board of directors of CKx in connection with their efforts to sell
CKx to an affiliate of Apollo Global Management.
If you own stock in CKx and would like more information about
your shareholder rights, please contact Gregory E. Del Gaizo at
800-350-6003 or via the shareholder information form on our
website.
On May 10, 2011, CKx announced it has entered into a definitive
merger agreement to be acquired by an affiliate of Apollo. Under
the terms of the agreement, CKx shareholders will receive $5.50 in
cash for each share that they hold. The acquisition of CKx will be
completed through a cash tender offer that is expected to commence
shortly and will expire twenty business days after it commences.
The tender offer will be followed by a merger in which each share
of common stock not acquired in the tender offer will be converted
into the right to receive $5.50.
The investigation focuses on whether CKx's board is undertaking
a fair process to obtain maximum value for its shareholders.
Following CKx's fourth quarter 2010 earnings results, at least one
analyst maintained its $8.00 price target, noting the belief that
CKx shares are undervalued. Further, in connection with the
agreement reached with CKx, Apollo has obtained support agreements
from two significant shareholders, The Promenade Trust, the sole
beneficiary of which is Lisa Marie Presley and CKx's partner in
Elvis Presley Enterprises, and Robert F.X. Sillerman, CKx's largest
shareholder.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. Robbins Umeda LLP has
helped its clients realize more than $1 billion of value for
themselves and the companies in which they have invested. For more
information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/ckx-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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