Mon, Aug 09, 2010
Law Firm Announces 'Investigation' of the Acquisition of
ExpressJet Holdings, Inc.
News/Analysis by Jim Campbell, ANN E-I-C
A law firm by the name of Bull & Lifshitz, LLP (tempting
editorial comment withheld) is playing the PR/news game with press
releases that seem intent on drawing attention to alleged
improprieties in the sale of ExpressJet, while also having the
associated effect of chumming the waters for potential clients....
Sheesh.
The firm has announced an 'investigation into possible breaches
of fiduciary duty in connection with the proposed acquisition of
ExpressJet Holdings, Inc. by Atlantic Southeast Airlines, Inc., in
a cash transaction representing a net purchase price of
approximately $133 million after giving effect for shares already
owned by Atlantic Southeast.'
The presser notes that the definitive merger agreement has been
unanimously approved by the SkyWest and ExpressJet boards of
directors. Under the terms of the transaction, ExpressJet
shareholders will receive $6.75 cash for each share they own. Upon
completion of the merger, ExpressJet will become a wholly-owned
subsidiary of Atlantic Southeast, with the intention of combining
the operations of ExpressJet Airlines and Atlantic Southeast. The
firm's investigation is 'focused on whether the ExpressJet Board of
Directors breached their fiduciary duties to ExpressJet
shareholders and whether the proposed deal provides adequate value
to the Company’s shareholders.'
The press release also includes an invitation to holders of
ExpressJet stock to contact them to "discuss your legal rights..."
and claims to be "a New York City-based law firm with significant
experience representing investors in merger-related shareholder
class actions, shareholder derivative actions, and securities fraud
class actions."
And yeah... we're not exactly overwhelmed with the effectiveness
of the legal system when this kind of 'advertorial' is transmitted
via the newswires... my, how far the mighty profession has fallen.
Still; it makes sense to keep an eye on such tactics... and we'll
keep you informed as to whether this legal wrangling actually draws
blood...
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