SAN DIEGO, July 25, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Outerwall Inc. (NASDAQ: OUTR) breached their fiduciary duties in connection with the proposed sale of the Company to Apollo Global Management, LLC.
Outerwall provides automated retail solutions. Its Redbox segment owns and operates approximately 40,480 Redbox kiosks in 33,060 locations that enable consumers to rent or purchase movies and video games.
On July 25, 2016, Outerwall announced it had signed a definitive merger agreement with Apollo. Under the terms of the agreement, Outerwall stockholders will receive $52.00 per share in cash.
The investigation concerns whether the Outerwall 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 Outerwall 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 $58.00 price target on the stock. The 52-week high for Outerwall stock is $82.87.
If you are a shareholder of Outerwall 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 ([email protected]) 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
SOURCE Johnson & Weaver, LLP