DALLAS, June 30, 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 BJ's Wholesale Club, Inc. ("BJ's Wholesale Club" or "BJ") related to the sale of BJ's Wholesale Club to affiliates of the private equity firm Leonard Green & Partners, L.P. and funds advised by CVC Capital Partners.
The definitive going private agreement, which was announced on June 29, 2011, involves a transaction valued at approximately $2.8 billion. Under the proposed buyout, BJ's Wholesale Club shareholders will receive $51.25 in cash for each share of BJ's Wholesale Club/BJ common stock they hold. The transaction is expected to close in the fourth quarter of 2011.
The firms are investigating the fairness of the proposed transaction to BJ's Wholesale Club shareholders, whether the shareholders are being underpaid for their stock, and whether BJ's Wholesale Club's Board of Directors acted in the shareholders' best interests. In particular, Leonard Green and CVC currently own approximately 10% of the company's common stock. Further, at least one analyst has set a target price of BJ's Wholesale Club stock at $60.00 per share, and the median value per share reported by analysts for BJ stock is approximately $54.50 per share. Based on these and other factors, the firms do not believe that the acquisition price is fair to BJ's Wholesale Club shareholders.
If you currently own shares of BJ's Wholesale Club/BJ and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this 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.
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