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Acquisition of Duff & Phelps Corporation by Private Investor Consortium May Not Be in Duff & Phelps Corporation Shareholders' Best Interests
By: PR Newswire
Jan. 3, 2013 08:42 PM
SAN DIEGO and NEW 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, firstname.lastname@example.org, 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 to http://www.robbinsarroyo.com.
Press release link: http://www.robbinsarroyo.com/shareholders-rights-blog/duff-phelps-corporation/
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SOURCE Robbins Arroyo LLP
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