Law Firm Brower Piven Announces Investigation Of Asset Acceptance Capital Corp. Proposed Acquisition
The securities litigation firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Asset Acceptance Capital Corp. (“Asset Acceptance” or the “Company”) (Nasdaq: AACC) and other violations of state law by the board of directors of Asset Acceptance relating to the proposed acquisition of the Company by Encore Capital Group, Inc. (“Encore”). The firm’s investigation seeks to determine, among other things, whether Asset Acceptance’s board of directors breached their fiduciary duties by failing to maximize shareholder value.
As stated in the press release announcing the proposed acquisition, Encore will acquire Asset Acceptance for $6.50 per share, which represents a total equity value of approximately $200 million. Asset Acceptance shareholders will have the option to receive their consideration in cash or Encore stock or any combination of cash and Encore stock, at their election, with the aggregate stock consideration across all stockholders capped at 25 percent of the total equity consideration to be received. According to Yahoo! Finance, the high analyst price target is $8.00 per Asset Acceptance share.
If you currently own common stock of Asset Acceptance 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
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.
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