NEW YORK, March 24, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces its investigation as to whether the board of directors of Life Time Fitness, Inc. ("Life Time" or the "Company") committed a breach of their fiduciary duty in connection with Company's entry into an agreement to be acquired by affiliates of Leonard Green & Partners and TPG (the "Consortium"), in a transaction valued at nearly $4 billion.
On March 16, 2015, the Company disclosed a final merger agreement for the purchase of all outstanding shares of LTM by Green and TPG, with LTM shareholders to receive $72.10 in cash for each LTM share they own.
The investigation concerns whether Life Time's board of directors failed to adequately shop the Company and obtain the best possible value for Life Time's shareholders before entering into an agreement with the Consortium, as well as whether LTM's Board is acting to capitalize on shareholder value. Particularly, the offer price represents a mere 4% premium over the Company's March 6, 2015 trading price of $69.13. Additionally, the Company announced total revenues of $315.3 million for the fourth quarter of 2014, as compared to $291 million in the same quarter of the prior year.
If you invested in Life Time before March 16, 2015 and lost money and are interested in discussing your rights and/or have information relating to the matter, please contact Thomas J. McKenna, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com.
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