The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of A.C. Moore Arts & Crafts, Inc.
October 04 2011 - 6:44PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of A.C. Moore Arts & Crafts,
Inc. (“A.C. Moore” or “ACMR”) (NASDAQ: ACMR) to Sbar’s, Inc. for
shareholders. Under the proposed buyout, A.C. Moore shareholders
will only receive $1.60 in cash for each share of A.C. Moore/ACMR
stock owned, which is nearly half of the price that ACMR stock
traded as recently as March 2011 and well below the target price of
$3.00 per share recently set by analysts.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $40.8 million. Under the terms
of the acquisition, a tender offer will be commenced within ten
business days of October 3, 2011, when the merger was announced.
The transaction is expected to be completed in the fourth quarter
of 2011.
“We are investigating the fairness of the proposed transaction
to A.C. Moore shareholders, whether the shareholders are being
underpaid for their stock, and whether A.C. Moore’s Board of
Directors acted in the shareholders’ best interest,” said
shareholder rights attorney Willie Briscoe. In particular, A.C.
Moore’s stock traded at $3.40 per share as recently as March 21,
2011, and at least one analyst has set a target price of $3.00 per
share for A.C. Moore stock. “Based on these and other factors, we
believe that the transaction may significantly undervalue A.C.
Moore stock,” said Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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