SAN DIEGO, May 23, 2016 /PRNewswire/ -- Shareholder
rights law firm Johnson & Weaver, LLP has launched an
investigation into whether the board members of American Capital,
Ltd. (NASDAQ: ACAS) breached their fiduciary duties in connection
with the proposed sale of the Company to Ares Capital Corporation
(NASDAQ: ARCC).
Additional Information:
American Capital is a private equity and venture capital firm.
On May 23, 2016, American Capital
announced it had signed a definitive merger agreement with Ares
Capital. Under the terms of the transaction, American Capital
shareholders will receive total cash and stock consideration of
$14.95 per fully diluted share.
American Capital shareholders will receive $6.41 in cash per share, plus 0.483 Ares Capital
shares for each American Capital share, or $7.34 per share based on Ares Capital's closing
stock price of $15.19 as of
Friday, May 20, 2016.
In a separate transaction, American Capital also announced that
it is selling American Capital Mortgage Management to American
Capital Agency for $2.45 per fully
diluted share. Collectively, the transactions represent total value
for American Capital shareholders of $17.40 per fully diluted share.
However, American Capital shareholders will be subject to
the future volatility and price fluctuation of the common stock of
Ares Capital.
The investigation concerns whether the American Capital board
failed to satisfy their duties to the Company shareholders,
including whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for American Capital shares of common stock. Nationally
recognized Johnson & Weaver is investigating whether the
proposed deal price represents adequate consideration;
especially given that the price target for one Wall Street analyst
is $18.00.
If you are a shareholder of American Capital and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonandweaver.com) at 619-814-4471. If
emailing, please include a phone number where you can be
reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP