Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Pre-Paid Legal Services, Inc., in Connect...
January 31 2011 - 7:30PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Pre-Paid Legal Services, Inc. (“Pre-Paid Legal” or the “Company”)
(NYSE:PPD) related to the Company’s agreement to be acquired by
MidOcean Partners, a New York-based private equity firm
(“MidOcean”). The proposed going-private transaction is valued at
approximately $650 million.
Under the terms of the definitive merger agreement entered into
by the parties, MidOcean will acquire all of the outstanding shares
of Pre-Paid Legal for $66.50 per share in cash. The transaction is
expected to completed on or before July 31, 2011. Pre-Paid Legal’s
board of directors has unanimously approved the proposed
transaction. If the transaction is completed, Pre-Paid Legal will
become a privately held company. The investigation concerns
possible breaches of fiduciary duty and other violations of law
related to approval of the proposed transaction by Pre-Paid Legal’s
board of directors.
If you are a shareholder of Pre-Paid Legal Services, Inc., if
you have information or would like to learn more about these
claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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