SAN DIEGO and DUBLIN,
Tenn., Jan. 8, 2014 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of Pacer International, Inc. (NASDAQ:
PACR) by XPO Logistics, Inc. (NYSE: XPO). On January 6, 2014, the two companies announced the
signing of a definitive agreement pursuant to which XPO Logistics
will acquire Pacer for $6.00 per
share in cash and a number of XPO Logistics common stock equal to
$3.00 for each share of Pacer common
stock, for a total consideration of $9.00.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO )
Is the Proposed Merger Best for Pacer and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Pacer is undertaking a fair process to obtain
maximum value and adequately compensate Pacer shareholders in the
merger.
As an initial matter, the $9.00
consideration represents a one day premium of 8.04% based on
Pacer's closing price on January 3,
2014. That one day premium is substantially below the average
one day premium of 48.13% for comparable transactions in the last
three years. Further, the $9.00
merger consideration is below the $10.00 target price set by an analyst at PI
Financial Corp. on November 19,
2013. In addition, Pacer last traded above the offer price on
December 2, 2013, trading as high as
$9.10 and closed above the offer
price as recently as November, 29, 2013, at a price of $9.08.
Further, Pacer recently released its financial results for the
third quarter ended September 20,
2013. For the quarter, the Pacer earnings per share more than
doubled from the same quarter 2012 to $0.08. From that same quarter of 2012, the
company also reported an increase in income from operations of
$2.7 million to $5.0 million while net income increased
$1.7 million to $2.8 million over the same period.
Given these facts, Robbins Arroyo LLP is examining the Pacer
board of directors' decision to sell the company to XPO now rather
than allow shareholders to continue to participate in the company's
continued success and future growth prospects, and whether they are
seeking to benefit themselves.
Pacer shareholders have the option to file a class action
lawsuit to ensure the board of directors properly evaluates the
proposal to obtain the best possible price for shareholders and the
disclosure of material information. Equal Energy shareholders
interested in information about their rights and potential remedies
can contact attorney Darnell R.
Donahue at (800) 350-6003, ddonahue@robbinsarroyo.com, or
via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP