MURRAY FRANK LLP Announces Investigation Of Advance America, Cash Advance Centers, Inc.
MURRAY FRANK LLP is investigating claims of breach of fiduciary duties by certain members of the board of directors of Advance America, Cash Advance Centers, Inc. (NYSE: AEA) (“Advance America” or the “Company”) in relation to the proposed sale of the Company to Grupo Elektra, S.A.B. de C.V. (“Grupo Elektra”).
On February 15, 2012, Advance America and Grupo Elektra announced that they had entered into a definitive agreement pursuant to which the Company will be acquired by Grupo Elektra in a transaction under which Advance America stockholders will receive $10.50 in cash in exchange for each share of Advance America common stock owned. The total deal value is $780 million, including the Company’s outstanding debt at December 31, 2011.
The investigation focuses on whether certain members of Advance America’s board of directors breached their fiduciary duties in connection with their efforts to sell Advance America to Grupo Elektra at an inadequate price through an unfair process which significantly undervalues the Company. In particular, according to Yahoo! Finance, at least one analyst has set a price target for AEA of $11.00 per share.
If you are a current investor in Advance America, who purchased AEA shares before February 15, 2012, and you wish to discuss this investigation or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Bridget V. Hamill at (800) 497-8076 or (212) 682-1818, or by email at firstname.lastname@example.org.
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