NEW YORK, March 28, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors of GSI Commerce ("GSIC" or the "Company") (Nasdaq:GSIC) concerning the proposed acquisition of GSIC by eBay Inc. Under the terms of the deal, eBay would acquire GSIC in a transaction valued at approximately $2.4 billion.
The investigation concerns, among other things, possible breaches of fiduciary duty by the Company's officers and directors. If the deal closes, GSIC shareholders will receive $29.25 per share of GSIC common stock. Analysts have set a median target of $31.00, and a high target of $35.00 per share.
In addition, as part of the transaction, eBay will divest 100 percent of GSIC's licensed sports merchandise business and 70 percent of ShopRunner and Ru La La. These assets will be sold to a newly formed holding company, which will be led by GSIC founder and CEO Michael Rubin.
GSIC shareholders seeking more information about this acquisition are advised to contact Gustavo F. Bruckner, Esq. at gfbruckner@pomlaw.com or 212-661-1100 (ext. 302) or toll free at 888-476-6529, (ext. 302). Shareholders may also contact Rachelle R. Boyle at rrboyle@pomlaw.com or 212-661-1100 or 888-476-6529, ext. 237.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) 212-661-1100 (ext. 237) rrboyle@pomlaw.com