Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of Advance America by Grupo Elektra
16 Febbraio 2012 - 4:40PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Advance America, Cash Advance Centers,
Inc. (“Advance America”) (NYSE: AEA) and other violations of state
law by the board of directors of Advance America relating to the
proposed acquisition of the company by Grupo Elektra, S.A.B. de
C.V. (“Grupo Elektra”). The firm’s investigation seeks to
determine, among other things, whether the board breached its
fiduciary duties by failing to maximize shareholder value.
On February 16, 2012, Advance America and Grupo Elektra
announced that they had entered into a definitive agreement
providing for Grupo Elektra to acquire Advance America for $780
million. Under the terms of the merger agreement, Advance America
shareholders will receive $10.50 for each share of Advance America
common stock held. However, according to Yahoo! Finance, at least
one analyst has set a high price target of $11.00 per share.
If you currently own shares of Advance America and would like to
learn more about the investigation being conducted by Brower Piven,
you may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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