NEW YORK, Aug. 27, 2015 /PRNewswire/ -- The fairness
of the proposed acquisition of Steiner Leisure Limited ("STNR" or
the "Company") by Catterton Partners ("Catterton") is the subject
of an investigation by WeissLaw LLP, a national class action,
shareholder rights law firm. The investigation focuses on
possible breaches of fiduciary duty and other violations of law by
the Board of Directors of STNR for agreeing to sell the Company to
Catterton. On August 21, 2015,
the Company announced it had reached a definitive agreement for
Catterton to acquire STNR in a transaction valued at approximately
$925 million. Under the terms of the agreement, STNR
shareholders will receive $65.00 for
each STNR share they own.
WeissLaw is investigating whether STNR's Board acted to maximize
shareholder value. Notably, Steven
Wieczynski, an analyst with Stifel, Ncolaus & Company,
believes the offer price should be closer to $75.00 per share, or approximately 16%
higher. Additionally, the Company recently announced positive
financial results, reporting revenues of $217.4 million in the second quarter of 2015, as
compared with $209.3 million in the
same period of the previous year. This represents a growth of
approximately 4% year-over-year.
Given these facts, WeissLaw is investigating whether STNR's
Board acted in the best interests of STNR's public shareholders by
actively shopping the Company to maximize shareholder value.
If you own STNR shares and would like more information about your
rights or our investigation, or if you have information to share
with us, please contact Joshua Rubin
by telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP