Kendall Law Group Investigates Sport Supply Group, Inc. Acquisition for Shareholders
17 March 2010 - 3:43AM
Business Wire
Kendall Law Group is investigating Sport Supply Group, Inc.
(NASDAQ:RBI) for shareholders in connection to the proposed sale of
the Company to ONCAP Management Partners, L.P. RBI shareholders,
and anyone with knowledge of the transaction, are encouraged to
contact the Kendall Law Group by email at
hlindley@kendalllawgroup.com. The national securities litigation
firm is investigating whether a fair process was used in shopping
the Company prior to entering into the agreement, and whether the
Board of Directors breached their fiduciary duties by not seeking a
deal that would provide better value of the Company.
On March 15, 2010, Sport Supply announced that it had entered
into a definitive merger agreement to be acquired by ONCAP. The
transaction is expected to close in the second or third quarter of
2010. According to the agreement, shareholders will receive $13.55
in cash per RBI share owned, just pennies over the closing price of
$13.53 on the last trading day before the deal was announced.
Certain affiliates and certain members of Sport Supply’s
management team have entered into agreements to exchange their
Sport Supply stock and options for equity in ONCAP. Certain
affiliates have also agreed to vote their shares in favor of the
merger agreement. The agreement has a 30 day go-shop provision,
with a $3 million fee in the event of termination during that
period, or a $6 million termination fee after the go-shop
provision.
Kendall Law Group is founded by a former federal judge, and
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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