San Diego, CA -- (SBWire) -- 03/12/2013 --An investigation on behalf of investors in Asset Acceptance Capital Corp. (NASDAQ:AACC) shares was announced concerning whether the offer by Encore Capital Group to acquire Asset Acceptance Capital Corp. for $6.50 per NASDAQ:AACC share and the takeover process are unfair to investors in Asset Acceptance Capital shares.
Investors who purchased shares of Asset Acceptance Capital Corp. (NASDAQ:AACC) prior to March 6, 2013, and currently hold any of those NASDAQ:AACC shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Asset Acceptance Capital breached their fiduciary duties owed to NASDAQ:AACC investors in connection with the proposed acquisition.
On March 6, 2013, Encore Capital Group, Inc. (Nasdaq: ECPG ) and Asset Acceptance Capital Corp. (Nasdaq: AACC) announced that Encore Capital Group has entered into an agreement to acquire Asset Acceptance Capital Corp. Under the terms of the agreement, Encore will acquire Asset Acceptance for $6.50 per share, which represents a total equity value of approximately $200 million. Asset Acceptance Capital Corp. said that the offer represents a 24 percent premium to Asset Acceptance Capital’s 30 day volume weighted average share price.
However, given that shares of Asset Acceptance Capital Corp. traded on March 7, 2013, above the current offer and closed at $6.56 per share, traded as recently as October 2012 as high as $7.97 per share, and that at least one analyst has set the high target price at $8.00 per share, the investigation a law firm concerns whether the $6.50-offer is too low for NASDAQ:AACC stockholders.
Furthermore, Asset Acceptance Capital’s financial performance improved recently. In fact, Asset Acceptance Capital Corp. reported that its annual Total Revenue rose from $172.49 million in 2009 to $218.08 million in 2011 and its Net Loss of $16.43 million in 2009 turned into a Net Income of $12.02 million in 2011. For the first three quarters in 2012 Asset Acceptance Capital Corp. reported a combined nine months Total Revenue of $175.23 million with a combined nine months Net Income of $10.68 million.
Therefore, the investigation focuses on whether the Asset Acceptance Capital Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Asset Acceptance Capital Corp. (NASDAQ:AACC), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
Asset Acceptance Capital Corp. (NASDAQ:AACC) Investor Alert: Investigation of Takeover by Encore Capital Group
An investigation on behalf of investors of Asset Acceptance Capital Corp. (NASDAQ:AACC) in connection with the proposed takeover was announced and NASDAQ:AACC stockholders should contact the Shareholders Foundation.