Answers Corporation Shareholder Investigation by Briscoe Law Firm Concerning Private Equity Acquisition by AFCV Holdings, LLC
04 Febrero 2011 - 1:54PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Answers Corporation (“Answers Corp.” or
“ANSW”) (NASDAQ: ANSW) related to the proposed buyout of Answers
Corp. by AFCV Holdings, LLC, a portfolio company of the private
equity firm Summit Partners. The definitive acquisition agreement,
which was announced on February 3, 2011, involves a transaction
valued at approximately $127 million. Under the proposed buyout,
Answers Corp. shareholders will receive only $10.50 in cash each
share of Answers Corp./ANSW common stock they hold.
The investigation relates to the fairness of the proposed
transaction to Answers Corp. shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Answers Corp. for approving this transaction, and
whether Answers Corp.’s Board of Directors acted in the
shareholders’ best interests. In particular, the acquisition price
is only an approximate 16% premium over Answers Corp.’s closing
price the day before the announcement, and the company’s stock
price has increased nearly 50% over the past few months.
“Based on prior share prices, and other factors, the firms
believe that the acquisition price may not be fair for Answers
Corp. shareholders, and we are investigating the merger to ensure
that the shareholders obtain the maximum value for their shares in
this private-equity buyout,” said shareholder rights attorney
Willie Briscoe.
If you currently own shares of Answers Corp./ANSW and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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