Kendall Law Group Investigates Tollgrade Communications, Inc. for Shareholders
February 22 2011 - 1:16PM
Business Wire
Kendall Law Group, led by former federal judge Joe Kendall, is
investigating Tollgrade Communications, Inc. (NASDAQ:TLGD) for
shareholders in connection with the proposed acquisition by an
affiliate of Golden Gate Capital. The national securities
litigation firm is investigating whether a fair process was used
prior to entering into the merger agreement and whether the Board
of Directors breached their fiduciary duties by not seeking a deal
that would provide better value of the Company. If you are a
Tollgrade shareholder and would like additional information about
your rights, you are urged to contact the Kendall Law Group at
877-744-3728 or by email at skendall@kendalllawgroup.com.
On February 22, 2011 the companies announced that the companies
have entered into a definitive merger agreement under which
Tollgrade would be acquired by an affiliate of Golden Gate in an
all-cash transaction valued at approximately $137 million. Under
the terms of the agreement, Tollgrade stockholders will receive
$10.10 in cash for each share of TLGD common stock held. Tollgrade
reports that the agreement price represents a 29% premium based on
the closing price on September 1, 2010, when they began to explore
strategic alternatives. However, the offer is just pennies above
the $10.08 closing price on the last day of trading before the deal
was announced. The firm believes the transaction significantly
undervalues the company.
Kendall Law Group, founded by a former federal judge, includes a
former United States Attorney, prosecutors and securities lawyers
who are experienced in complex securities litigation. The firm has
been counsel in many merger and acquisition cases nationwide,
including some of the largest transactions in the United
States.
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