The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Midas, Inc. (NYSE: MDS) (“Midas”) and other violations of state law by the board of directors of Midas relating to the proposed buyout of the company by the privately owned TBC Corporation (“TBC”), a company of Sumitimo Corporation of America. The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On March 13, 2012, TBC and Midas announced that they had entered into a definitive merger agreement providing for TBC to acquire Midas for $310 million. Under the terms of the merger agreement, Midas shareholders will receive $11.50 in cash for each share of Midas common stock held. According to Bloomberg, the revenue multiple for the proposed buyout transaction is lower than the median multiple for comparable transactions. If you currently own shares of Midas 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 email at firstname.lastname@example.org, 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.
Shares of Midas (NYSE:MDS) have taken a tremendous swing upward. The stock is trading at $11.47 as of 9:30 a.m. ET, 27.6% above Monday's closing price of $8.99. Volume is at 6.8 million, 199 times the daily average of 34,200.