SAN DIEGO, May 31, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Electro Rent Corporation (NASDAQ: ELRC) breached their fiduciary duties in connection with the proposed sale of the Company to Platinum Equity.
Electro Rent, leases, rents and sells new and used electronic test and measurement (T&M) equipment primarily for use in the aerospace and defense, telecommunications, electronics, industrial and semiconductor markets.
On May 31, 2016, Electro Rent announced it had signed a definitive merger agreement with Platinum Equity. Under the terms of the agreement Electro Rent shareholders will receive $13.12 in cash for each share of common stock.
The investigation concerns whether the Electro Rent board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for Electro Rent shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has a $15.00 price target on the stock.
If you are a shareholder of Electro Rent and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP