Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Asset Acceptance Capital Corporation (“Asset Acceptance” or the “Company”) (Nasdaq: AACC) relating to the proposed acquisition by Encore Capital Group, Inc. (“Encore”).
Under the terms of the transaction, Asset Acceptance shareholders will receive only $6.50 in cash for each share of Asset Acceptance stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Asset Acceptance for not acting in the Company’s shareholders' best interests in connection with the sale process to Encore. The transaction may undervalue the Company and will result in a loss for many long term shareholders. For example Asset Acceptance stock traded at $7.97 as recently as October 15, 2012 and $7.90 on July 5, 2012. In addition, an analyst has set an $8.00 per share price target for Asset Acceptance stock.
If you own shares of Asset Acceptance stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at
http://brodsky-smith.com/550-aacc-asset-acceptance-capital-corporation.html, by calling toll free 877-LEGAL-90.