Acquisition of Duff & Phelps Corporation by Private Investor Consortium May
Not Be in Duff & Phelps Corporation Shareholders' Best Interests
SAN DIEGO and NEW YORK, Jan. 3, 2013
SAN DIEGO andNEW YORK, Jan. 3, 2013 /PRNewswire/ --Shareholder rights
attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of
Duff & Phelps Corporation (NYSE: DUF) by affiliates of The Carlyle Group,
Stone Point Capital LLC, Pictet & Cie, and Edmond de Rothschild Group
(collectively, the "Consortium"). Duff & Phelps is a global financial advisory
and investment banking firm.
On December 30, 2012, Duff & Phelps announced that it had entered into a
definitive merger agreement under which it will be acquired by the Consortium
for $15.55 per share.The transaction has been approved by the board of
directors of Duff & Phelps.Additionally, all members of the senior management
team have agreed to remain employed by, and invest in the equity of, the
company following the closing of the transaction.
The Board of Directors' Actions May Prevent Duff & Phelps Shareholders from
Receiving the Maximum Value for Their Stock
Robbins Arroyo LLP's investigation focuses on whether the board of directors
at Duff & Phelps is undertaking a fair process to obtain maximum value and
adequately compensate its shareholders in light of the proposed
acquisition.The $15.55 per share offer price is significantly below the $24
target price set by an analyst at Sidoti & Company LLC. Further, company's
stock has traded above the offer price 201 of the 756 trading days during the
three years prior to the merger agreement. Finally, on October 25, 2012, Duff
& Phelps reported their third quarter 2012 earnings, in which quarterly
revenue, including reimbursable expenses, saw an 18.3% increase over the
corresponding prior year quarter.Given these facts, the firm is examining the
board of directors' decision to sell Duff & Phelps now rather than allow
shareholders to continue to participate in the company's continued success and
future growth prospects.
Duff & Phelps shareholders have the option to file a class action lawsuit
against the company to secure the best possible price for shareholders and the
disclosure of material information so shareholders can vote on the transaction
in an informed manner. Duff & Phelps shareholders interested in information
about their rights and potential remedies can contact Darnell R. Donahue at
(800) 350-6003, email@example.com, or via the shareholder information
form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation
and shareholder rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. For more information, please go
Press release link:
Attorney Advertising. Past results do not guarantee a similar outcome.
Robbins Arroyo LLP
Darnell R. Donahue
(619) 525-3990 or Toll Free (800) 350-6003
SOURCE Robbins Arroyo LLP
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