LITTLE ROCK, Ark., Feb. 14, 2011 (GLOBE NEWSWIRE) -- Emerson Poynter LLP, with offices in Little Rock, Arkansas and Houston, Texas, is investigating potential claims on behalf of current shareholders of Emergency Medical Services Corp. ("EMSC" or the "Company") (NYSE:EMS) concerning the proposed acquisition of the Company by an affiliate of the private equity firm Clayton Dubilier & Rice, LLC. EMSC is a leading provider of emergency medical services in the country operating in more than 2,200 communities nationwide.
According to a Press Release by the Company, EMS shareholders will receive $64.00 in cash for each share of Class A common stock, Class B common stock and LP Exchangeable Units they own. The transaction is valued at approximately $3.2 billion including the assumption of debt, and is expected to close in the second quarter of 2011.
The investigation is focused on the potential unfairness of the consideration to EMS shareholders, the process by which the Board of Directors considered the transaction, and potential conflicts of interests among EMS Board members. The offer price is a 9.4% discount to the Company's trading price the day immediately preceding the announcement of the transaction, and according to Yahoo! Finance at least one analyst has set a target price of $76 for the Company's shares. Moreover, the Company stated that its largest shareholder Onex Corp. and related affiliates, holders of EMS's LP Exchangeable Units, have sufficient voting power to approve the deal, and that they have agreed to vote in favor of the acquisition. By midday today, shares of EMS are down nearly 11%.
If you are a shareholder of EMS shares as noted above, and would like more information about your rights as a shareholder, please contact us.
Emerson Poynter LLP has a national and international class-action legal practice with offices in Little Rock, Arkansas and Houston, Texas. Emerson Poynter handles complex commercial litigation with a concentration in those cases that involve violations of federal and state securities or antitrust laws, the Employee Retirement Income Security Act of 1974 ("ERISA"), and consumer protection laws. It has substantial experience in litigating large complex class-action cases and serves in a leadership position in numerous cases.