An investigation on behalf of investors of Advance America, Cash Advance Centers (NYSE:AEA) in connection with the takeover was announced and NYSE:AEA stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/20/2012 -- The Shareholders Foundation announces that an investigation for investors Advance America (NYSE:AEA) shares concerning whether the offer by Grupo Elektra, S.A.B. de C.V. o acquire Advance America, Cash Advance Centers Inc. for $10.50 per NYSE:AEA share and the buyout process are unfair to investors in NYSE:AEA shares.
Investors who purchased NYSE:AEA shares prior to February 15, 2012 and still hold those or some of those NYSE:AEA shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On Wednesday, February 15, 2012, after the market closed Advance America, Cash Advance Centers, Inc. (“Advance America“) (NYSE: AEA) and Grupo Elektra, S.A.B. de C.V. (“Grupo Elektra”) (BMV: ELEKTRA) announced that Advance America and subsidiaries of Grupo Elektra have entered into an agreement under which Grupo Elektra will acquire control of all of the outstanding shares of Advance America, a leading U.S. short-term lender, for $10.50 per share in cash.
However, NYSE:AEA shares traded as recently as December 2011 at $9.33 per share, leaving some AEA stockholders with only a meager premium. In addition, at least one analyst has set the high target price for NYSE:AEA stocks at $11, thus above the current offer.
Therefore the investigation by a law firm for NYSE:AEA investors concerns whether the Advance America Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Advance America, Cash Advance Centers (NYSE:AEA) shareholders by failing to adequately shop the Company before entering into this transaction.
Those who are current investors in Advance America, Cash Advance Centers (NYSE:AEA) and purchased your NYSE:AEA shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego