The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of SFN Group Inc. (“SFN”) (NYSE: SFN) and other violations of state law by the Board of Directors of SFN relating to the proposed acquisition of the company by Randstad Holding nv (“Ranstad”) (Euronext Amsterdam: RAND.AS). The firm’s investigation seeks to determine whether SFN’s Board breached their fiduciary duties by, among other things, failing to maximize shareholder value.
On July 20, 2011, SFN and Ranstad jointly announced that they have entered into a definitive merger agreement for SFN to be acquired by Ranstad, with a total transaction value of approximately $771 million. According to the press release, Ranstad will commence a tender offer to purchase all of SFN’s outstanding shares for $14.00 per share. However, according to recent company press releases, SFN has performed well recently. On April 26, 2011, SFN announced first quarter 2011 financial results. The company reported revenues of $500 million compared with $463 million in the first quarter of last year, an increase of 8.1%. Earnings from continuing operations in the first quarter 2011 were $2.7 million, or $0.05 per diluted share, compared with a loss of $3.2 million or $0.06 per share, in the prior year. In addition, several analysts have set target prices of $15.00-$17.00 per share of SFN stock.
If you own SFN common stock and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.