Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of Adams Golf, Inc. by Adidas Group
March 19 2012 - 3:50PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Adams Golf, Inc. (“Adams Golf”) (NASDAQ:
ADGF) and other violations of state law by the board of
directors of Adams Golf relating to the proposed acquisition of the
company by Adidas Group (“Adidas”). The firm’s investigation seeks
to determine, among other things, whether the board breached its
fiduciary duties by failing to maximize shareholder value.
On March 19, 2012, Adidas and Adams Golf announced that they had
entered into a definitive agreement providing for Adidas to acquire
Adams Golf for $70 million. Under the terms of the merger
agreement, Adams Golf shareholders will receive $10.80 for each
share of Adams Golf common stock held. According to Bloomberg, the
EBIT, EBITDA, Revenue, and Net Income multiples for the proposed
buyout transaction are lower than the median multiples for
comparable transactions. Insiders including Chairman and CEO B.H.
Barney Adams, Director John M. Gregory, Director Joseph R. Gregory,
Director Russell L. Fleischer, Director Mark R. Mulvoy, Director
Robert D. Rogers, and SJ Strategic Investments LLC, who
collectively own approximately 35% of Adams Golf’s
outstanding shares, have agreed to vote their shares in favor of
the transaction.
If you currently own shares of Adams Golf and would like to
learn more about the investigation being conducted by Brower Piven,
you may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling (410)
415-6616, or at Brower Piven, A Professional Corporation, 1925 Old
Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven
have combined experience litigating securities and other class
action cases of over 60 years.
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