Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Arbinet Corp. in Connection with the Prop...
November 11 2010 - 9:01PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Arbinet Corporation (“Arbinet”) (NASDAQ:ARBX) related to the
Company’s agreement to be acquired by Primus Telecommunications
Group Incorporated (“Primus”) in a proposed stock for stock
transaction.
Under the terms of the definitive agreement entered into by the
parties, Arbinet common shareholders will receive shares of Primus
common stock in exchange for the Arbinet common stock they own, for
a total transaction value of approximately $28 million. Arbinet
shareholders will be expected to own approximately 23% of the
combined company, and Primus shareholders will be expected to own
approximately 77% of the combined company upon the closing of the
transaction. The transaction is expected to be completed in the
first quarter of 2011. The investigation concerns possible breaches
of fiduciary duty and other violations of law related to approval
of the proposed transaction by Arbinet’s board of directors.
If you are a shareholder of Arbinet, if you have information or
would like to learn more about these claims, or if you wish to
discuss these matters or have any questions concerning this
announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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