SAN DIEGO and NEW YORK,
Dec. 23, 2013 /PRNewswire/ --
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the acquisition of The Jones Group Inc. (NYSE: JNY)
by affiliates of the private equity firm Sycamore Partners.
On December 19, 2013, the two
companies announced the signing of a definitive merger agreement
pursuant to which Sycamore Partners will acquire all outstanding
shares of The Jones Group common stock for $15.00 per share in cash.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Proposed Merger Best for The Jones Group and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at The Jones Group is undertaking a fair process to
obtain maximum value and adequately compensate The Jones Group
shareholders in the merger.
As an initial matter, the $15.00
the merger consideration is substantially below the target price of
$17.00 maintained by an analyst at
Stephens Inc. since initiating coverage on July 23, 2013. In addition, The Jones Group
traded over the offer price as recently November 7, 2013, and traded as high as
$17.78 on August 5, 2013.
In relation to the company's third quarter 2013 financial
results released on October 30, 2013,
Wesley R. Card, The Jones Group's
Chief Executive Officer, commented, "We believe that we are
well-positioned for the fourth quarter and early 2014 as we
continue to execute on our strategic plan. We have received
positive reactions from wholesale customers to our enhanced
products across our brands that will ship in the fourth quarter of
2013 and Spring 2014. We are confident that continued product
improvement will translate into improved retail performance and,
ultimately, increased profitability."
Given these facts, Robbins Arroyo LLP is examining The Jones
Group board of directors' decision to sell the company to Sycamore
Partners 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.
The Jones Group 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. The Jones Group
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