The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Advance America, Cash Advance Centers, Inc. (“Advance America”) (NYSE: AEA) and other violations of state law by the board of directors of Advance America relating to the proposed acquisition of the company by Grupo Elektra, S.A.B. de C.V. (“Grupo Elektra”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On February 16, 2012, Advance America and Grupo Elektra announced that they had entered into a definitive agreement providing for Grupo Elektra to acquire Advance America for $780 million. Under the terms of the merger agreement, Advance America shareholders will receive $10.50 for each share of Advance America common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $11.00 per share.
If you currently own shares of Advance America and would like to learn more about the investigation being conducted by Brower Piven, you may email 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.