Law Firm Brower Piven Announces Investigation in Connection With Midas, Inc. Buyout
March 13 2012 - 10:45AM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Midas, Inc. (NYSE: MDS) (“Midas”) and
other violations of state law by the board of directors of Midas
relating to the proposed buyout of the company by the privately
owned TBC Corporation (“TBC”), a company of Sumitimo Corporation of
America. The firm’s investigation seeks to determine, among other
things, whether the board breached its fiduciary duties by failing
to maximize shareholder value.
On March 13, 2012, TBC and Midas announced that they had entered
into a definitive merger agreement providing for TBC to acquire
Midas for $310 million. Under the terms of the merger agreement,
Midas shareholders will receive $11.50 in cash for each share of
Midas common stock held. According to Bloomberg, the revenue
multiple for the proposed buyout transaction is lower than the
median multiple for comparable transactions.
If you currently own shares of Midas and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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