NEW YORK, May 31, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Electro Rent Corporation ("Electro Rent" or the "Company") (NASDAQ: ELRC) concerning the proposed acquisition of the Company by Platinum Equity ("Platinum") that would take the Company private.
Under the terms of the offer, Platinum would acquire Electro Rent in a transaction valued at approximately $323.4 million. Pursuant to the deal, Electro Rent stockholders would receive $13.12 per share in cash. The proposed consideration is below recent analyst estimates of the Company's per share value and is also below recent trading prices for Company stock.
Our investigation concerns whether the Electro Rent board of directors is fulfilling its fiduciary duties, maximizing the value of the Company, disclosing all material benefits and costs, and obtaining full and fair consideration for Company stockholders.
If you own Electro Rent shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Peter W. Overs, Jr., Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP