DALLAS, July 7, 2011 (GLOBE NEWSWIRE) -- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of APAC Customer Services, Inc. ("APAC") related to the sale of APAC to One Equity Partners, the private equity arm of JPMorgan Chase & Co. ("One Equity").
The definitive acquisition agreement involves a transaction valued at approximately $470 million. Under the proposed private equity buyout, APAC shareholders will receive $8.55 in cash for each share of APAC common stock they hold. The transaction is expected to close in the fourth quarter of 2011.
The firms are investigating whether the transaction is unfair to APAC shareholders, whether the shareholders are being underpaid for their stock, and whether APAC's Board of Directors acted in the shareholders' best interests in approving the acquisition. In particular, although the deal price represents a premium over APAC's closing price the day before the acquisition announcement, at least one analyst has projected the true going forward value of APAC shares is at least $9 per share. Further, according to a news release issued by APAC, the current Chairman of the Board for APAC, Theodore Schwartz, and his affiliated entities have agreed to vote their combined ownership interest of 39% of the outstanding shares of APAC in favor of the acquisition. Based on these and other factors, the firms are investigating whether the acquisition price is unfair to APAC shareholders.
If you currently own shares of APAC and would like additional information regarding this investigation, or if you have information regarding the transaction, please 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 toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
The Powers Taylor, LLP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=9935