Law Firm of Wohl & Fruchter is Investigating the Acquisition of R.G. Barry Corporation by Mill Road Capital, L.P.
May 02 2014 - 2:56PM
Business Wire
The law firm of Wohl & Fruchter LLP is investigating the
acquisition of R.G. Barry Corporation (RGB) (Nasdaq: DFZ) by Mill
Road Capital, L.P. (Mill Road), one of the Company’s largest
outside shareholders.
On May 2, 2014, RGB announced that its board of directors had
approved an agreement for Mill Road to acquire all of the
outstanding shares of RGB for $19/share in cash.
That price is lower than the $20/share in cash that Mill Road
had offered to acquire all of the outstanding shares of RGB on
September 11, 2013.
Mill Road is presently one of RGB’s largest outside shareholders
with a 9.8% stake.
The deal announced with Mill Road at a reduced price from the
earlier proposal comes less than three months after RGB announced
positive second quarter 2014 results. Commenting on those results,
the Company’s President and CEO, Greg Tunney, stated that “[w]e
continue to lead our peer group in many key performance metrics
despite the challenging retail environment during the holiday
selling season. Our proven model and operational excellence
permitted us to generate healthy profitability, while investing
significant resources in our brands and building a business that
will continue to meet the challenges of both today and
tomorrow.”
Wohl & Fruchter’s investigation concerns the fairness of the
process used to reach agreement with Mill Road, and whether RGB’s
board of directors breached its fiduciary duties to stockholders by
agreeing to sell the Company to Mill Road for an inadequate
price.
Additional information is available
at http://www.wohlfruchter.com/cases/dfz.
Persons with relevant information, and RGB shareholders with
questions about this investigation, are invited to contact our Firm
by calling 866.833.6245, or contacting the attorney below.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation
arising from fraud and other fiduciary breaches by corporate
managers, as well as other complex litigation matters. Please visit
our website, www.wohlfruchter.com, to learn more about our Firm, or
contact one of our partners.
This release may be deemed to constitute attorney
advertising.
Wohl & Fruchter LLPJ. Elazar Fruchter,
845-425-4658jfruchter@wohlfruchter.comwww.wohlfruchter.com
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