Law Firm Brower Piven Announces Investigation of 99 Cents Only Stores
13 October 2011 - 3:13AM
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 99 Cents Only Stores (“99 Cents Only
Stores”) (NYSE: NDN) and other violations of state law by the board
of directors of 99 Cents Only Stores relating to the proposed
acquisition of the company by affiliates of Ares Management LLC
(“Ares”) and Canada Pension Plan Investment Board (“CPPIB”). The
firm’s investigation seeks to determine, among other things,
whether the board breached their fiduciary duties by failing to
maximize shareholder value.
On October 11, 2011, 99 Cents Only Stores announced that it has
entered into a definitive agreement to be acquired by affiliates of
Ares and CPPIB for $22.00 per share in cash, in a transaction with
a total equity value of approximately $1.6 billion. According to
the press release, this offer represents a 32% premium over 99
Cents Only Stores’ closing price on March 10, 2011, the day before
99 Cents Only Stores announced that it had received an acquisition
proposal. However, according to Yahoo! Finance, at least one
analyst has set a high price target of $24.50 per share. Moreover,
the press release states that members of the Gold/Schiffer family
have already entered into a voting agreement in support of the
transaction, while Eric Schiffer (CEO), Jeff Gold (President and
COO), and Howard Gold (EVP) will continue in their current
leadership roles at the company and will serve as directors.
If you currently own shares of 99 Cents Only Stores 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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