Zamansky & Associates Announces Investigation of the Acquisition of LaBranche & Co Inc. by Cowen Group, Inc.
Zamansky & Associates (“Zamansky”) has commenced an investigation into the acquisition of LaBranche & Co. Inc. (“LaBranche” or the “Company”) (NYSE: LAB) to determine whether the Company’s Board of Directors breached their fiduciary duty to the shareholders by agreeing to sell LeBranche to Cowen Group, Inc. (“Cowen”) (NASDAQ: COWN).
On February 17, 2011, the companies announced the definitive merger agreement under which LeBranche will be acquired by Cowen. Under the terms of the agreement, LeBranche shareholders will receive 0.9980 of Cowen’s Class A common share for each share they currently own, worth $4.71 as of the prior day’s closing price, placing a total value of approximately $192.8 million on the transaction.
The investigation concerns whether the LeBranche 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 Cowen, thereby failing to achieve the best price possible for the LeBranche ‘s shareholders.
If you are a current LeBranche 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.