Silverleaf Resorts, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by SL Resort Holdings, Inc.
February 04 2011 - 3:28PM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Silverleaf Resorts, Inc. (“Silverleaf” or
“SVLF”) (NASDAQ: SVLF) related to the proposed buyout of Silverleaf
by SL Resort Holdings, Inc., an affiliate of the private equity
firm Cerberus Capital Management, LP. The definitive acquisition
agreement, which was announced on February 3, 2011, involves a
transaction valued at approximately $94 million. Under the proposed
buyout, Silverleaf shareholders will receive only $2.50 in cash for
each share of Silverleaf/SVLF common stock they hold.
The investigation relates to the fairness of the proposed
transaction to Silverleaf shareholders, possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Silverleaf for approving this transaction, and whether
Silverleaf’s Board of Directors acted in the shareholders’ best
interests. In particular, at least one analyst has set a target
price of $5.00 per share of Silverleaf stock, and the reported book
value of Silverleaf stock is $5.47 per share. “Based on the fact
that the acquisition price is approximately half of the reported
book value of Silverleaf shares, and other factors, the acquisition
price does not appear fair to Silverleaf shareholders. We want to
ensure that the shareholders obtain a fair price and the maximum
value for their shares in this buyout,” said former Securities and
Exchange Commission attorney Willie Briscoe.
If you currently own shares of Silverleaf Resorts/SVLF and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor, LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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