Tripp Levy PLLC Investigates Buyout of ExpressJet By SkyWest
August 04 2010 - 8:17AM
Business Wire
Tripp Levy PLLC announces an investigation into the proposed
acquisition of ExpressJet Holdings, Inc. (NYSE: XJT). On August 4,
2010, SkyWest, Inc. (Nasdaq: SKYW) announced that it has entered
into a definitive merger agreement with ExpressJet, whereby
Atlantic Southeast Airlines, Inc., SkyWest's wholly-owned
subsidiary, will acquire all of the outstanding shares of common
stock of ExpressJet for $6.75 per share in cash, representing a net
purchase price of approximately $133 million after giving effect
for shares already owned by Atlantic Southeast.
However, ExpressJet may not have adequately shopped itself
around before entering into this transaction and, pursuant to this
proposed transaction, SkyWest may be underpaying for ExpressJet,
thus unlawfully harming ExpressJet shareholders. Indeed, analysts
have projected that ExpressJet’s true inherent value is at least $8
per share.
The investigation concerns, among other things, whether the
consideration to be paid to ExpressJet shareholders is grossly
unfair, inadequate, and substantially below the fair or inherent
value of ExpressJet. The investigation further concerns whether
SkyWest, as a shareholder of ExpressJet, through shares owned by
its subsidiary Atlantic Southeast, as well as the board of
directors of ExpressJet may have breached their fiduciary duties by
not acting in ExpressJet shareholders' best interests in connection
with the sale process of ExpressJet.
If you own ExpressJet common stock and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact
Tripp Levy Tripp Levy PLLC 125 East 82nd Street 9th Floor New York,
New York Toll Free: 877-772-3975
Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in
mergers & acquisitions, takeover litigation, shareholder
rights, and corporate governance matters in state and federal
courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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