Zamansky & Associates Announces Investigation of the Acquisition Pre-Paid Legal Services, Inc. (PPD)
Zamansky & Associates (”Zamansky”) has commenced an investigation into the acquisition of Pre-Paid Legal Services, Inc. (”Pre-Paid Legal” or the “Company”) (NYSE: PPD ) to determine whether the Company’s Board of Directors breached their fiduciary duty to the shareholders by agreeing to be acquired by MidOcean Partners, a private equity firm.
On January 31, 2011, Pre-Paid Legal announced it will be acquired by MidOcean Partners, a private equity firm. Under the terms of the agreement, Pre-Paid Legal shareholders will receive $66.50 in cash for each share they currently own, placing a total value of approximately $650 million on the transaction. As recently as December 6, 2010, Pre-Paid Legal shares closed as high as $65.77 per share.
The investigation concerns whether the Pre-Paid Legal Board of Directors breached their fiduciary duties to the Company shareholders by failing to adequately shop the Company prior to entering into the transaction with MidOcean Partners, thereby failing to achieve the best price possible for the Pre-Paid Legal’s shareholders.
If you are a current Pre-Paid Legal Services shareholder and would like additional information regarding this investigation, you may, without obligation or cost to you, e-mail jake@zamansky.com or call (212) 742-1414.