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 PRIMEDIA, Inc. (“PRIMEDIA” or “PRM”) (NYSE: PRM) related to the buyout of PRIMEDIA by an affiliate of the private equity firm TPG Capital.
The definitive going private agreement, which was announced on May 16, 2011, involves an all-cash transaction valued at approximately $525 million. Under the proposed buyout, PRIMEDIA shareholders will receive only $7.10 in cash for each share of PRIMEDIA/PRM common stock they hold.
The firms are investigating the fairness of the proposed transaction to PRIMEDIA shareholders and whether PRIMEDIA’s Board of Directors acted in the shareholders’ best interests. Although the acquisition price represents a premium over PRIMEDIA’s closing price the day before the announcement, PRIMEDIA/PRM shares closed above $5.15 per share as recently as March 2011. Further, shareholders representing approximately 58% of the outstanding shares of PRIMEDIA have executed an agreement approving of the transaction. Based on these and other factors, the firms are investigating whether the transaction is fair to PRIMEDIA shareholders and whether PRIMEDIA’s Board of Directors adequately considered all viable alternatives before entering into the agreement.
If you currently own shares of PRIMEDIA/PRM 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
, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at
. 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.