Kendall Law Group Announces New Developments In The AmeriCredit Corp. Acquisition
Kendall Law Group, a national securities firm led by a former federal judge, Joe Kendall, and a former U.S. Attorney, announces new development investigating AmeriCredit Corp. (NYSE: ACF) for shareholders in connection with the proposed acquisition of the company by General Motors. The firm seeks to determine whether AmeriCredit and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. AmeriCredit shareholders are encouraged to contact the Kendall Law Group at 877-744-3728 or by email at email@example.com for additional information about your rights.
On July 23, 2010, Reuters reported that GM plans to file its registration for an initial public offering during the week of Aug. 16, coming on the heels of news that GM had entered into an agreement to acquire AmeriCredit in a transaction valued at approximately $3.5 billion. The agreement may be undervaluing AmeriCredit. Kirk Ludtke, an analyst and senior vice president at CRT Capital, commented on the potential benefits of the transaction for GM, saying "we view the transaction as a positive for the company, primarily because a captive finance capability should reassure investors in a potential new GM IPO…and the new GM may be able to prudently increase volumes…” TheStreet reporter Jason Notte goes even further saying “GM needs AmeriCredit more than the lender needs it.”
Under the terms of the agreement, AmeriCredit shareholders will receive $24.50 for each share of common stock held. GM’s acquisition price represents an approximately 25% premium over AmeriCredit’s closing share price on Wednesday; however, AmeriCredit has traded for as much as $24.69 earlier this year.
Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. Since leaving the bench and returning to trial work, Mr. Kendall has had tremendous success at the prosecution of patent, consumer and securities class action litigation either as lead, co-lead or liaison counsel. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.
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