SAN DIEGO, May 31, 2016 /PRNewswire/ -- Shareholder
rights law firm Johnson & Weaver, LLP has launched an
investigation into whether the board members of Electro Rent
Corporation (NASDAQ: ELRC) breached their fiduciary duties in
connection with the proposed sale of the Company to Platinum
Equity.
Additional Information:
Electro Rent, leases, rents and sells new and used electronic test
and measurement (T&M) equipment primarily for use in the
aerospace and defense, telecommunications, electronics, industrial
and semiconductor markets.
On May 31, 2016, Electro Rent
announced it had signed a definitive merger agreement with Platinum
Equity. Under the terms of the agreement Electro Rent shareholders
will receive $13.12 in cash for each
share of common stock.
The investigation concerns whether the Electro Rent board failed
to satisfy their duties to the Company shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for Electro Rent shares of common stock. Nationally recognized
Johnson & Weaver is investigating whether the proposed deal
price represents adequate consideration, especially given one Wall
Street analyst has a $15.00 price
target on the stock.
If you are a shareholder of Electro Rent and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonandweaver.com) at 619-814-4471. If
emailing, please include a phone number where you can be
reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New
York and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
jimb@johnsonandweaver.com
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SOURCE Johnson & Weaver, LLP