Rewards Network, Inc. Shareholder Investigation by Briscoe Law Firm Regarding the Proposed Acquisition by EGI Acquisition, LLC
28 Ottobre 2010 - 8:01PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Rewards Network, Inc. (“Rewards Network” or “DINE”) (NASDAQ:
DINE) related to the proposed acquisition of Rewards Network by EGI
Acquisition, L.L.C., an affiliate of the private equity firm Equity
Group Investments, L.L.C.
The definitive merger agreement, which was announced on October
28, 2010, involves a transaction valued at approximately $126
million under which Reward Network’s shareholders will receive only
$13.75 in cash per share. However, the proposed acquisition price
is below Reward Network’s closing price of $14.19 per share the day
before the merger announcement. In addition, Reward Network/DINE
shares have traded as high as $15.00 per share in 2010. Based on
the lack of a premium to shareholders, and Reward Network’s
historic stock price, the firm believes that the proposed
transaction may undervalue DINE shares and not be fair to Reward
Network’s shareholders.
This investigation relates to possible breaches of fiduciary
duty and other violations of state law by the Board of Directors of
Reward Network for approving this transaction and whether Reward
Network’s Board of Directors acted in the shareholders’ best
interests.
If you currently own shares of Reward Network/DINE and would
like additional information regarding this investigation, or if you
have information regarding the allegations involving this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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