TechTeam Global, Inc. Shareholder Investigation By Briscoe Law Firm Concerning The Acquisition By Stefanini International Holdings Ltd.
The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of TechTeam Global, Inc. (“TechTeam Global” or “TEAM”) (NASDAQ: TEAM) related to the acquisition of TechTeam Global by an affiliate of Stefanini International Holdings, Ltd.
Under the definitive merger agreement, which was announced on November 2, 2010, TechTeam Global shareholders will receive $8.35 in cash for each share of TechTeam Global/TEAM common stock they hold. The transaction is valued at approximately $93.4 million. The transaction is structured to include an all-cash tender offer, which is currently scheduled to commence within 10 business days of the announcement, followed by a second-step merger. The transaction is expected to close in the fourth quarter of 2010.
Although the proposed acquisition price represents an approximate 16.8% premium over TechTeam Global’s stock closing price the day before the acquisition announcement, TechTeam Global/TEAM’s shares traded as high as $8.94 per shared in late 2009. Based on this and other factors, the proposed transaction may undervalue TechTeam Global/TEAM shares and not be fair to TechTeam Global shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of TechTeam Global for approving this transaction and whether TechTeam Global’s Board of Directors acted in the shareholders’ best interests.
If you currently own shares of TechTeam Global/TEAM and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, 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 and transactional matters.
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