Robbins Umeda LLP Announces an Investigation of Midas, Inc.
March 13 2012 - 6:15PM
Business Wire
Shareholder rights firm Robbins Umeda LLP has commenced an
investigation into possible breaches of fiduciary duty and other
violations of the law by members of the board of directors of
Midas, Inc. (NYSE: MDS) in connection with their efforts to sell
the company to TBC Corporation. Concerned shareholders who would
like more information about their rights and potential remedies can
contact attorney Gregory E. Del Gaizo at (800) 350-6003,
info@robbinsumeda.com, or via the shareholder information form on
the firm's website.
On March 13, 2012, Midas announced that it had entered into a
definitive merger agreement to be acquired by TBC Corporation.
According to the terms of the deal, TBC Corporation will acquire
all outstanding shares of Midas through a cash tender offer,
pursuant to which Midas shareholders will receive $11.50 for each
share of the company they own. The tender offer is expected to
commence no later than March 28, 2012. The transaction is expected
to close by the end of the second quarter of fiscal year 2012.
Robbins Umeda LLP's investigation focuses on whether Midas's
board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders in light of the company's recent
financial results. On March 1, 2012, Midas reported financial
results for the fourth quarter of fiscal year 2011 that showcased
improving conditions at the company. The company reported a net
loss of $0.4 million—or $0.03 per diluted share—for the fourth
quarter, compared to a net loss of $15.7 million—or $1.14 per
diluted share—during the same quarter of the previous year.
Additionally, on March 1, 2012, Midas reported that quarterly
operating income was $1.4 million, compared to an operating loss of
$20.4 million during the same quarter in the prior year.
Robbins Umeda attorneys highlight that Midas shareholders have
the option to file a class action lawsuit against the company to
secure the best possible price for the company's shareholders and
the disclosure of material information to shareholders so they can
vote on the transaction in an informed manner.
Robbins Umeda LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested. For more information,
please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/midas-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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