Buyout Of True Religion - Law Firm Seeks Higher Price And More Information For Shareholders
NEW YORK, May 10, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of True Religion Apparel, Inc. (NASDAQ: TRLG). True Religion announced that it has entered into a definitive merger agreement with TowerBrook Capital Partners L.P. ("TowerBrook") in a transaction valued at approximately $835 million. Under the terms of the merger agreement, TowerBrook will acquire all of the outstanding shares of True Religion common stock for $32.00 per share in cash.
The investigation concerns whether the board of directors of True Religion breached their fiduciary duties to shareholders by not engaging in a full and fair auction for the company, while they and the senior management of the company were allegedly negotiating personal pay packages and other benefits for themselves in selling the company to TowerBrook. Indeed, analysts have projected that the true inherent value of the company is worth at least $38 per share. Further, the company has over $185 million of cash worth at least $7.35 per share, making the buyout price only $24.65 per share to TowerBrook.
If you are a shareholder of True Religion and would like additional information as to how you can participate with other shareholders in seeking a higher price for your shares, at no cost or expense, please contact us toll free at 1-877-772-3975 or email at email@example.com
Tripp Levy PLLC is a national law firm that has recovered millions of dollars for shareholders in similar actions around the globe.
Tripp Levy PLLC
New York, New York
SOURCE Tripp Levy PLLC