Key Developments: rue21 inc (RUE.O)
42.03USD
24 May 2013
$0.07 (+0.17%)
$41.96
$41.87
$42.10
$41.87
1,049,315
375,148
$42.10
$23.85
Latest Key Developments (Source: Significant Developments)
Ryan & Maniskas, LLP Announces Investigation Of rue21 Inc
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of rue21 Inc concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Apax Partners in a transaction valued at approximately $1.1 billion. Full Article
Bernstein Liebhard LLP Announces Investigation Of rue21 Inc
Bernstein Liebhard LLP is investigating whether the Board of Directors of rue21, inc. breached fiduciary duty to shareholders in agreeing to sell rue21 to funds advised by Apax Partners. Under the terms of the agreement, rue21 shareholders will receive $42.00 in cash for each share they own. The investigation is focused on the potential unfairness of the price to rue21 shareholders and the process by which the rue21 Board of Directors considered and approved the transaction. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of rue21 Inc
Levi & Korsinsky is investigating the Board of Directors of rue21 Inc.for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to the private equity firm Apax Partners. Under the terms of the transaction, Apax Partners will pay $42.00 for each share of rue21 stock it does not currently own; the private equity firm currently owns a 30% stake in rue21. The transaction has a total approximate value of $1.1 billion. The investigation concerns whether the rue21 Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether Apax Partners is underpaying for rue21stock, thus unlawfully harming rue21 stockholders. Full Article
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC Announces Investigation Of rue21 Inc
Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (KSF) announced that KSF has commenced an investigation into the Board of Directors of rue21 Inc in connection with their conduct related to the sale of the Company to funds advised by Apax Partners. Under the terms of the proposed transaction, shareholders of rue21 will receive $42 in cash for each share of rue21 common stock that they own. KSF`s investigation is focusing on whether rue21 and/or its officers and directors secured sufficient value for the shareholders of the Company, violated their fiduciary duties, and/or violated state or federal securities laws. Full Article
Lifshitz Law Firm Announces Investigation Of rue21 Inc
Lifshitz Law Firm announced an investigation into possible breaches of fiduciary duty in connection with the proposed sale of rue21 inc to funds advised by Apax Partners in a transaction valued at approximately $1.1 billion or $42.00 per share in cash. Lifshitz Law Firm's investigation is focused on whether the proposed deal provides adequate value to the Company's shareholders. Full Article
Robbins Arroyo LLP Announces Investigation Of Acquisition Of rue21 inc By Funds Advised By Private Equity Firm Apax Partners
Robbins Arroyo LLP announced that it is investigating the acquisition of rue21 inc by funds advised by the private equity firm Apax Partners. On May 23, 2013, the companies announced the signing of a definitive merger agreement under which Apax Partners will acquire all outstanding shares of rue21 for $42 per share in cash. Robbins Arroyo LLP's investigation concerns, among other things, whether the merger was motivated by any improper conflicts of interest since Apax Partners is already rue21's largest shareholder and two principals of Apax Partners sit on rue21's board of directors, including John F. Megrue, Jr. and Alex Pellegrini. Robbins Arroyo LLP's investigation focuses on whether the board of directors at rue21 is undertaking a fair process to obtain maximum value and adequately compensate its shareholders in the merger. On March 21, 2013, rue21 released its fourth quarter and fiscal year 2012 financial results reflecting strong growth in net sales, adjusted net income, and adjusted earnings per share. Specifically, rue21 reported an increase in net sales of over 22% for the fourth quarter and over 18% for the full year, compared to the same periods in 2011. Full Article
Pomerantz Law Firm Investigates Claims On Behalf Of Investors of rue21 Inc
Pomerantz Law Firm announced that it is investigating claims on behalf of investors of rue21, inc. (rue21 or the Company) concerning the proposed acquisition of rue21 by Apax Partners, in a transaction valued at approximately $1.1 billion in cash. The investigation concerns whether the rue21 directors are breaching their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, rue21 shareholders will be entitled to receive $42.00 per share in cash for each share of rue21 common stock. However the price to EBITDA and Net Income multiples are below comparable transactions' averages, and Apax Partners already controls 30% of rue21. Full Article
Law Firm Brower Piven Announces Investigation Of rue21 Inc Going Private Transaction
The securities litigation firm of Brower Piven, A Professional Corporation, announced that it has commenced an investigation into possible breaches of fiduciary duty to current shareholders of rue21 Inc and other violations of state law by the board of directors of rue21 relating to the proposed going private transaction of the Company by private equity firm Apax Partners. The firm`s investigation seeks to determine, among other things, whether the board of directors of rue21 breached their fiduciary duties by failing to maximize shareholder value. Full Article
rue21 Inc Board of Directors Under Investigation by Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP announced that it is investigating potential claims against the Board of Directors of rue21 Inc related to the proposed acquisition of the Company by Apax Partners. The transaction is valued at approximately $1.1 billion, or $42 per share. This investigation concerns whether the Board of Directors of rue21 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. Full Article
The Law Firm Of Wohl & Fruchter Is Investigating Acquisition Of rue21 Inc By Apax Partners
The law firm of Wohl & Fruchter LLP is investigating the proposed acquisition of rue21 Inc by Apax Partners (Apax). Wohl & Fruchter`s investigation concerns, among other things, the fairness of the process used to approve the acquisition and whether aproval of the acquisition was improperly motivated by any conflicts of interest. Full Article
Apax Partners to take rue21 private in $1.1 billion deal
- Private equity firm Apax Partners LLP has agreed to acquire rue21 Inc for about $1.1 billion, attracted by the teen-apparel retailer's growth and cash flow and keen to add to a retail portfolio that includes Cole Haan and Takko Fashion.
Earnings vs. 
Estimates
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
