SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Outerwall Inc. And Encourages Investors ...
July 25 2016 - 3:33PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, has commenced an investigation into
possible breaches of fiduciary duty and other violations of state
law by the Board of Directors of Outerwall Inc. (“Outerwall” or the
“Company”) (NASDAQ: OUTR) relating to the proposed buyout of
Outerwall by affiliates of certain funds managed by affiliates of
Apollo Global Management, LLC, in a transaction valued at
approximately $1.6 billion.
The firm’s investigation seeks to determine, among other things,
whether the Company’s Board of Directors failed to satisfy their
duties to shareholders, including whether the Board adequately
pursued alternatives to the acquisition and whether the Board
obtained the best price possible for the Company’s shares of common
stock.
Under the terms of the agreement, Outerwall shareholders are
anticipated to receive $52.00 in cash for each share of Outerwall
common stock held. The transaction may undervalue the Company
and would result in no real gain or a loss for many long-term
shareholders of Outerwall, especially given that the Company’s
52-week high is $82.87. Additionally, according to Yahoo!
Finance, at least one Wall Street analyst has issued a price target
for Outerwall stock at $58.00 per share.
If you currently own common stock of Outerwall and believe that
the proposed buyout price is too low, or you would like to learn
more about the investigation being conducted by Brower Piven,
please visit our website at
http://www.browerpiven.com/currentinvestigations.html. You may also
request more information by contacting Brower Piven either by email
at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s.
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version on businesswire.com: http://www.businesswire.com/news/home/20160725006226/en/
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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