Acquisition of Duff & Phelps Corporation by Private Investor
Consortium May Not Be in Duff & Phelps Corporation
Shareholders' Best Interests
SAN DIEGO and NEW YORK,
Jan. 3, 2013 /PRNewswire/
--Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Duff & Phelps
Corporation (NYSE: DUF) by affiliates of The Carlyle Group, Stone
Point Capital LLC, Pictet & Cie, and Edmond de Rothschild Group
(collectively, the "Consortium"). Duff & Phelps is a global
financial advisory and investment banking firm.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
On December 30, 2012, Duff &
Phelps announced that it had entered into a definitive merger
agreement under which it will be acquired by the Consortium for
$15.55 per share. The
transaction has been approved by the board of directors of Duff
& Phelps. Additionally, all members of the senior
management team have agreed to remain employed by, and invest in
the equity of, the company following the closing of the
transaction.
The Board of Directors' Actions May Prevent Duff &
Phelps Shareholders from Receiving the Maximum Value for Their
Stock
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Duff & Phelps is undertaking a fair process to
obtain maximum value and adequately compensate its shareholders in
light of the proposed acquisition. The $15.55 per share offer price is significantly
below the $24 target price set by an
analyst at Sidoti & Company LLC. Further, company's stock has
traded above the offer price 201 of the 756 trading days during the
three years prior to the merger agreement. Finally, on
October 25, 2012, Duff & Phelps
reported their third quarter 2012 earnings, in which quarterly
revenue, including reimbursable expenses, saw an 18.3% increase
over the corresponding prior year quarter. Given these facts,
the firm is examining the board of directors' decision to sell Duff
& Phelps now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Duff & Phelps shareholders have the option to file a class
action lawsuit against the company to secure the best possible
price for shareholders and the disclosure of material information
so shareholders can vote on the transaction in an informed manner.
Duff & Phelps shareholders interested in information about
their rights and potential remedies can contact 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 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. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/duff-phelps-corporation/
Attorney Advertising. Past results do not guarantee a similar
outcome.
Contact:
Robbins Arroyo LLP
Darnell R. Donahue
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP