NEW YORK, July 14, 2008 (PRIME NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been filed in the Court of Chancery of the State of Delaware challenging the proposed acquisition of CAM Commerce Solutions, Inc. ("CAM Commerce" or the "Company") (Nasdaq:CADA). On June 10, 2008, CAM Commerce announced that it had entered into a definitive merger agreement with Great Hill Partners, a private equity investment firm. Under the terms of the proposal, CAM Commerce shareholders would receive $40.50 a share, or $180 million. CAM Commerce shares closed at $37.54 the day before the announcement of the proposed transaction, so the deal price reflects a 7.9% premium over the prior day's closing price, but approximately a 10% discount to the 52 week closing high for the stock of $45.25 per share. CAM Commerce's board of directors has approved the deal, which is subject to conditions including antitrust clearance and a vote of the Company's shareholders. The proposed transaction is expected to close in the fourth quarter of CAM Commerce's fiscal year ending September 30, 2008. Upon closing, CAM Commerce will no longer be publicly traded and the surviving corporation in the merger will be privately owned by an affiliate of Great Hill Partners.
If you are a current shareholder of CAM Commerce and would like to be advised of your rights in this matter, you may contact Levi & Korsinsky at the number below.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.
About CAM Commerce
CAM Commerce designs, develops, markets, installs and services highly integrated retailing and payment processing solutions for small to medium size traditional and eCommerce businesses based on the company's open architecture software. These integrated solutions include credit and debit card processing, inventory management, point of sale, accounting, Internet sales, gift card and customer loyalty programs, and extensive management reporting.