NEW YORK, Sept. 28, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Bats Global Markets Inc. ("BATS" or the "Company") in connection with the proposed acquisition of the Company by CBOE Holdings Inc. ("CBOE"). On September 26, 2016, BATS and CBOE announced that a definitive agreement for CBOE to acquire all outstanding shares of BATS in a cash-and-stock transaction valued at approximately $3.2 billion. Under the terms of the agreement, BATS shareholders will receive 0.3201 of a CBOE share and $10.00 in cash for each BATS share, representing consideration of $31.31 per BATS share based on CBOE's September 26 closing price.
WeissLaw is investigating whether BATS's Board acted to maximize shareholder value prior to entering into the agreement. Notably, BATS shares traded for $33.00, or $1.69 above the consideration as recently as September 23, 2016. Additionally, the Company recently announced positive financial results for the second quarter of fiscal 2016. It reported total revenue growth of 11%, and adjusted earnings growth of 38% year-over-year.
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell BATS and whether BATS shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own BATS 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/.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/weisslaw-llp-bats-global-markets-inc-acquisition-may-not-be-in-the-best-interests-of-bats-shareholders-300335827.html
SOURCE WeissLaw LLP