Newman Ferrara LLP Announces Investigation of Pacer International Inc.
07 Gennaio 2014 - 4:34PM
Business Wire
Newman Ferrara LLP has begun an investigation into potential
claims against the board of directors of Pacer International Inc.
(“Pacer”) (Nasdaq: PACR) concerning the proposed acquisition of
Pacer by XPO Logistics, Inc. (“XPO”)
On January 6, 2014, Pacer announced that it had entered into an
agreement and plan of merger to be acquired by XPO in a transaction
valued at approximately $335 million. Under the terms of the deal,
Pacer shareholders will receive consideration valued at
approximately $9.00 per share in the form of $6.00 in cash and
$3.00 in XPO common stock, subject to price collar, for each share
of Pacer stock owned. However, Pacer common stock has traded at
above that implied offer price as recently as December 2, 2013,
when Pacer stock traded at $9.10 per share.
Newman Ferrara’s investigation concerns whether Pacer’s Board of
Directors has breached its fiduciary duties to act in the best
interests of Pacer’s shareholders. The investigation focuses on the
potential unfairness of the consideration being provided to Pacer’s
shareholders and the process by which Pacer’s Board of Directors
considered and approved the proposed deal.
Concerned investors may contact Newman Ferrara attorney Roy
Shimon at rshimon@nfllp.com to discuss this investigation, their
rights, or potential remedies.
Newman Ferrara maintains a multifaceted practice based in New
York City with attorneys specializing in complex commercial and
multi-party litigation, securities fraud and shareholder
litigation, consumer protection, civil rights, and real estate. For
more information, please visit the firm website at
www.nfllp.com.
Newman Ferrara LLPRoy Shimon, 212-619-5400
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