BOULDER, Colo., Feb. 5, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that it is investigating potential breaches of fiduciary duty in connection with the proposed acquisition of APAC Customer Services, Inc. ("APAC" or the "Company") (Nasdaq:APAC).
On January 29, 2009, Theodore G. Schwartz ("Schwartz"), through his acquisition vehicle, Tresar Holdings LLC, announced that he had informed the Board of Directors of APAC that it was proposing to acquire all of the outstanding shares of APAC for $1.61 per share in cash for a total sale price of approximately $81.5 million. On February 2, 2009, the Company announced that it has formed a "special committee" of its Board to consider the Proposed Transaction. The Company has not disclosed the identity of the special committee or the relationship, if any, of its member or members with Schwartz.
The proposed value of $1.61 per share to be paid to the members of the Class may be unfair if, among other things, (a) the intrinsic value of the stock of APAC is materially in excess of the $1.61 value, giving due consideration to the possibilities of growth and profitability of APAC in light of its business, earnings and earnings power, present and future; (b) the $1.61 value offers an inadequate premium to the public shareholders of APAC; and (c) the $1.61 value was fixed to "cap" the market price of APAC stock. The Board's actions may also be the product of the currently undervalued price of the shares in the marketplace.
If you currently own APAC common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative litigation.
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