Golfsmith Buyout: The Securities Attorneys At The Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of The Acquisition Of Golfsmith International Holdings, Inc. By Golf Town
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Golfsmith International Holdings, Inc. (“Golfsmith” or “GOLF”) (NASDAQ: GOLF) to Golf Town for shareholders. Under the proposed acquisition agreement, Golfsmith shareholders will receive only $6.10 in cash for each share of Golfsmith stock owned, which is well below at least one analyst’s estimated target price of $7.50 per share.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement is expected to close in the third quarter of 2012 and the transaction is valued at approximately $96.5 million.
The investigation centers on whether Golfsmith shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Golfsmith’s stock, and whether Golfsmith’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Specifically, according to Yahoo! Finance, at least one analyst has estimated that the true inherent value of the Golfsmith/GOLF stock is $7.50 per share, well above the acquisition price. “Due to the lack of a significant premium to Golfsmith shareholders, and other facts, we are concerned that shareholders may not be receiving a fair price for their Golfsmith shares,” said shareholder rights attorney Willie Briscoe.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
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