Newman Ferrara LLP Announces Investigation of Pacer International Inc.
Newman Ferrara LLP Announces Investigation of Pacer International Inc. Business Wire NEW YORK -- January 7, 2014 Newman Ferrara LLP has begun an investigation into potential claims against the board of directors of Pacer International Inc. (“Pacer”) (Nasdaq: PACR) concerning the proposed acquisition of Pacer by XPO Logistics, Inc. (“XPO”) On January 6, 2014, Pacer announced that it had entered into an agreement and plan of merger to be acquired by XPO in a transaction valued at approximately $335 million. Under the terms of the deal, Pacer shareholders will receive consideration valued at approximately $9.00 per share in the form of $6.00 in cash and $3.00 in XPO common stock, subject to price collar, for each share of Pacer stock owned. However, Pacer common stock has traded at above that implied offer price as recently as December 2, 2013, when Pacer stock traded at $9.10 per share. Newman Ferrara’s investigation concerns whether Pacer’s Board of Directors has breached its fiduciary duties to act in the best interests of Pacer’s shareholders. The investigation focuses on the potential unfairness of the consideration being provided to Pacer’s shareholders and the process by which Pacer’s Board of Directors considered and approved the proposed deal. Concerned investors may contact Newman Ferrara attorney Roy Shimon at firstname.lastname@example.org to discuss this investigation, their rights, or potential remedies. Newman Ferrara maintains a multifaceted practice based in New York City with attorneys specializing in complex commercial and multi-party litigation, securities fraud and shareholder litigation, consumer protection, civil rights, and real estate. For more information, please visit the firm website at www.nfllp.com. Contact: Newman Ferrara LLP Roy Shimon, 212-619-5400