The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of 99 Cents Only Stores
14 October 2011 - 4:36AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the acquisition of 99 Cents Only Stores (“99
Cents Stores” or “NDN”) (NYSE:NDN) by affiliates of Ares Management
LLC and Canada Pension Plan Investment Board. Under the terms of
the proposed agreement, 99 Cents Stores shareholders will receive
only $22.00 in cash for each share of 99 Cents Stores/NDN stock
held, which is well below the target price announced by analysts.
“We believe that the transaction may significantly undervalue 99
Cents Stores stock, and our anticipated lawsuit will seek to obtain
the highest share price for all shareholders,” said shareholder
rights attorney Willie Briscoe.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive acquisition agreement involves an all cash
transaction valued at approximately $1.6 billion. The transaction
is expected to be completed in the first quarter of 2012.
Although 99 Cents Stores has reported that the acquisition price
represents an approximate 32% premium over the company’s closing
price the day before the merger proposal was announced, NDN stock
traded as high as $18.90 per share as recently as early October
2010. In addition, at least one analyst has set a target price of
$24.50 for NDN shares. “Based on these and other factors, we are
investigating the fairness of the proposed transaction to 99 Cents
Stores shareholders, whether the shareholders are being underpaid
for their stock, and whether 99 Cents Stores’ Board of Directors
acted in the shareholders’ best interest,” said Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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