Key Developments: Asset Acceptance Capital Corp (AACC.O)
6.65USD
21 May 2013
$0.01 (+0.15%)
$6.66
$6.62
$6.66
$6.62
133,656
296,983
$8.16
$3.97
Latest Key Developments (Source: Significant Developments)
Law Office of Brodsky & Smith, LLC Announces Investigation Of Asset Acceptance Capital Corp
Law Office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Asset Acceptance Capital Corporation (Asset Acceptance or the Company) relating to the proposed acquisition by Encore Capital Group, Inc. (Encore). Under the terms of the transaction, Asset Acceptance shareholders will receive only $6.50 in cash for each share of Asset Acceptance stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Asset Acceptance for not acting in the Company`s shareholders' best interests in connection with the sale process to Encore. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Asset Acceptance stock traded at $7.97 as recently as October 15, 2012 and $7.90 on July 5, 2012. In addition, an analyst has set an $8.00 per share price target for Asset Acceptance stock. Full Article
Law Offices of Todd M. Garber Announces Investigation of Asset Acceptance Capital Corp
The Law Offices of Todd M. Garber announced that it is investigating potential claims against the Board of Directors of Asset Acceptance Capital Corp related to the proposed acquisition of the Company by Encore Capital Group Inc. The transaction is valued at approximately $200 million, or $6.50 per share. Under the terms of the deal, shareholders will have the option to receive the consideration in cash, Encore stock, or a combination of the two. This investigation concerns whether the Board of Directors of Asset Acceptance breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the proposed transaction, and whether the Company has disclosed all material information to shareholders about the transaction. The Company has seen substantial recent growth. Its share price has skyrocketed from $2.86 on November 21, 2011 to $7.97 on October 15, 2012. Further, at least one analyst has set a target price for the Company`s stock at $8 per share. Full Article
Lifshitz Law Firm Announces Investigation of Asset Acceptance Capital Corp
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Asset Acceptance Capital Corp (Asset Acceptance) to Encore Capital Group, Inc. (Encore) in a cash and stock transaction. Under the terms of the agreement, Encore will acquire Asset Acceptance for $6.50 per share, which represents a total equity value of approximately $200 million. Asset Acceptance shareholders will have the option to receive their consideration in cash or Encore stock or any combination of cash and Encore stock, at their election, with the aggregate stock consideration across all stockholders capped at 25% of the total equity consideration to be received. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of Asset Acceptance Capital Corp Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of Asset Acceptance Capital Corp. (Asset Acceptance or the Company) regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Encore Capital Group, Inc. (Encore) in a transaction valued at approximately $200 million.The investigation concerns whether Asset Acceptance's board of directors failed to adequately shop the Company and obtain the best possible value for Asset Acceptance's shareholders before entering into an agreement with Encore. According to Yahoo! Finance, at least one analyst has set a price target for Asset Acceptance stock at $8.00 per share. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of Asset Acceptance Capital Corp
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Asset Acceptance Capital Corp relating to the proposed acquisition by Encore Capital Group, Inc. (Encore). Under the terms of the transaction, Asset Acceptance shareholders will receive only $6.50 in cash for each share of Asset Acceptance stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Asset Acceptance for not acting in the Company’s shareholders' best interests in connection with the sale process to Encore. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Asset Acceptance stock traded at $7.97 as recently as October 15, 2012 and $7.90 on July 5, 2012. In addition, an analyst has set an $8.00 per share price target for Asset Acceptance stock. Full Article
Robbins Arroyo LLP Announces Investigation Of Acquisition Of Asset Acceptance Capital Corp By Encore Capital Group, Inc.
Shareholder rights attorneys at Robbins Arroyo LLP announced that it is investigating the acquisition of Asset Acceptance Capital Corp by Encore Capital Group, Inc. On March 6, 2013, the two companies jointly announced the signing of a merger agreement whereby Encore Capital will acquire Asset Acceptance for $6.50 per share. Asset Acceptance shareholders can elect to receive their consideration in cash or in Encore stock or a combination of cash and Encore stock. Robbins Arroyo LLP's investigation focuses on whether the board of directors at Asset Acceptance is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger or whether they are seeking to benefit themselves. The $6.50 merger consideration represents a premium of only 12.85% based on Asset Acceptance's closing price on March 5, 2013. Moreover, the offer price is substantially below the $8.00 target price set by First Analysis and the $7.00 target price maintained by Sidoti and Co. since September 11, 2012. Further, the company's stock has traded above the offer price on numerous occasions during the past year, trading as high as $6.70 as recently as November 6, 2012. Full Article
Levi & Korsinsky, LLP Notifies Investors Of Claims Of Breaches Of Fiduciary Duty By Board Of Asset Acceptance Capital Corp Connection With Sale Of Company To Encore Capital Group Inc.
Levi & Korsinsky notifies investors of Asset Acceptance Capital Corp. ("Asset Acceptance" or the "Company") of claims of breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Encore Capital Group Inc. Under the terms of the transaction, Asset Acceptance shareholders will receive $6.50 per share of Asset Acceptance stock they own; shareholders may elect to receive the consideration in cash, Encore stock, or a combination. The transaction has a total approximate value of $200 million. The investigation concerns whether the Asset Acceptance Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Encore Capital Group Inc. is underpaying for Asset Acceptance shares, thus unlawfully harming Asset Acceptance stockholders. In particular, at least one analyst set a price target for Asset Acceptance stock at $8.00 per share. Full Article
Finkelstein Thompson LLP Announces Investigation Of Asset Acceptance Capital Corp
The law firm Finkelstein Thompson LLP announced that it is investigating potential claims on behalf of shareholders of Asset Acceptance Capital Corp, concerning the proposed acquisition of the Company by Encore Capital Group, Inc. Under the terms of the transaction, shareholders would receive $6.50 per share in cash. The total value of the transaction is approximately $200 million. The investigation is focused on the potential unfairness of the consideration to shareholders, the process by which the Company`s Board of Directors considered the transaction, as well as potential conflicts of interest among Asset Acceptance`s Board members. Full Article
Ryan & Maniskas, LLP Announces Investigation Of Asset Acceptance Capital Corp
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors ofAsset Acceptance Capital Corp concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Encore Capital Group Inc. in a transaction valued at approximately $200 million. Investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of Asset Acceptance Capital. Full Article
Levi & Korsinsky, LLP Notifies Investors Of Claims Of Breaches Of Fiduciary Duty By Board Of Asset Acceptance Capital Corp
Levi & Korsinsky notifies investors of Asset Acceptance Capital Corp. of claims of breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Encore Capital Group Inc. Under the terms of the transaction, Asset Acceptance shareholders will receive $6.50 per share of Asset Acceptance stock they own; shareholders may elect to receive the consideration in cash, Encore stock, or a combination. The transaction has a total approximate value of $200 million. The investigation concerns whether the Asset Acceptance Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before entering into this transaction and whether Encore Capital Group Inc. is underpaying for Asset Acceptance shares, thus unlawfully harming Asset Acceptance stockholders. In particular, at least one analyst set a price target for Asset Acceptance stock at $8.00 per share. Full Article
Encore Capital buys Asset Acceptance Capital for $200 million
- Debt collector Encore Capital Group Inc has agreed to buy Asset Acceptance Capital Corp for $200 million to strengthen its position in a highly fragmented industry.
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