BALA CYNWYD, Pa., July 22, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Bankrate, Inc. ("Bankrate" or the "Company") (Nasdaq:RATE) relating to the proposed acquisition by Apax Partners, a global private equity firm ("Apax"). Apax has agreed to acquire Bankrate in an all-cash deal valued at approximately $571 million.
Under the proposed agreement, Bankrate shareholders will receive $28.50 for every share of Bankrate common stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Bankrate board's approval of the proposed merger. The transaction appears to be unfair, in part, given that Bankrate stock was trading at over $31.00 a share as recently as June 2009 and was trading at over $39.00 a share in January 2009.
If you own shares of Bankrate and wish to discuss the legal ramifications of the proposed acquisition by Apax, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.