DALLAS, Feb. 27, 2012 /PRNewswire/ -- Former United
States Securities and Exchange Commission attorney Willie Briscoe
and the securities litigation firm of Powers Taylor, LLP are
investigating the sale of Access Plans, Inc. ("Access Plans") (OTC
BB: APNC) to AON Corporation for shareholders. Under the
proposed transaction, Access Plans shareholders will receive
approximately $3.30 in cash for each
share of Access Plans/APNC stock owned.
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If you are an affected investor, and you want to learn more
about the lawsuit or join the action, 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, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to
you.
The definitive merger agreement involves an all cash transaction
with a total equity value of approximately $70.1 million.
The investigation centers on whether Access Plans shareholders
are receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Access Plans stock, and whether
Access Plans' board attempted to obtain the highest share price for
all shareholders prior to agreeing to the deal. Although the
acquisition price represents a small premium over the closing price
of Access Plans shares the day prior to the buyout announcement,
Access Plans shares closed as high as $2.85 per share in late October 2011.
Further, according to a Form 8-K recently filed by Access Plans
with the U.S. Securities and Exchange Commission, the purchase
price is subject to a reduction based on Access Plan's Net Cash
Amount as of the effective date of the merger. According to
shareholder rights attorney Willie
Briscoe, "Because of the lack of a significant premium to
the shareholders and the fact that the compensation to be paid to
the shareholders is currently unknown and may even be reduced by
certain factors, we believe that the transaction may undervalue
Access Plans stock. Our lawsuit will seek to obtain the
highest share price for all shareholders."
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional 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.
SOURCE Powers Taylor, LLP