NEW YORK, June 9, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Electro Rent Corporation ("ELRC" or the "Company") in connection with the proposed acquisition of the Company by Platinum Equity. On May 31, 2016, ELRC and Platinum Equity jointly announced a definitive agreement for Platinum Equity to acquire all outstanding shares of ELRC in a transaction valued at approximately $323.4 million. Under the terms of the agreement, ELRC shareholders will receive $13.12 for each ELRC share they own.
WeissLaw is investigating whether ELRC's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $15.00 per share, or $2.00 above the offer price.
Given these facts, WeissLaw is investigating whether ELRC's Board acted in the best interests of ELRC's public shareholders to maximize shareholder value prior to entering into the agreement. If you own ELRC shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at email@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP