Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Presstek, Inc. (“Presstek”) (NasdaqCM: PRST) concerning the proposed acquisition of Presstek by MAI Holdings, Inc., an entity affiliated with American Industrial Partners Capital Fund IV, L.P. (“AIP”).
On August 23, 2012, Presstek announced that it had entered into an agreement and plan of merger to be acquired by AIP. Under the merger agreement, Presstek shareholders will receive $0.50 in cash for each share of Presstek common stock owned. However, Presstek common stock has regularly traded at above the offer price and was trading at $0.50 per share as recently as August 20, 2012, just three days before the acquisition was announced.
Presstek’s Board of Directors has unanimously approved the merger agreement and AIP has obtained approval of IAT Reinsurance Company, LTD, Presstek’s largest shareholder owning 24.5% of Presstek’s outstanding common stock, to vote in favor of the acquisition. Subject to shareholder approval, the deal is expected to close during the fourth quarter of 2012.
Newman Ferrara LLP’s investigation concerns whether Presstek’s Board of Directors has breached its fiduciary duties to act in the best interests of Presstek’s shareholders and to take all necessary steps to ensure that Presstek’s shareholders receive the maximum value readily available for their shares of Presstek common stock.
Concerned investors are encouraged to contact Newman Ferrara attorney Roy Shimon at (212) 619-5400 or
to discuss this investigation, their rights, or potential remedies.
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