WeissLaw LLP: Steiner Leisure Limited Acquisition May Not Be In The Best Interest Of STNR Shareholders

Aug 24, 2015, 16:55 ET from WeissLaw LLP

NEW YORK, Aug. 24, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Steiner Leisure Limited ("STNR" or the "Company") by Catterton Partners ("Catterton") is the subject of an investigation by WeissLaw LLP, a national class action, shareholder rights law firm.  The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of STNR for agreeing to sell the Company to Catterton.  On August 21, 2015, the Company announced it had reached a definitive agreement for Catterton to acquire STNR in a transaction valued at approximately $925 million.  Under the terms of the agreement, STNR shareholders will receive $65.00 for each STNR share they own. 

WeissLaw is investigating whether STNR's Board acted to maximize shareholder value.  Notably, Steven Wieczynski, an analyst with Stifel, Nicolaus & Company, believes the offer price should be closer to $75.00 per share, or approximately 16% higher.  Additionally, the Company recently announced positive financial results, reporting revenues of $217.4 million in the second quarter of 2015, as compared with $209.3 million in the same period of the previous year.  This represents a growth of approximately 4% year-over-year.

Given these facts, WeissLaw is investigating whether STNR's Board acted in the best interests of STNR's public shareholders by actively shopping the Company to maximize shareholder value.  If you own STNR 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 stockinfo@weisslawllp.com

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 stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.

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