NEW YORK, May 16, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating potential claims on behalf of investors Primedia, Inc. ("PRM" or the "Company") concerning the proposed acquisition of PRM by funds affiliated with TPG Capital.
The investigation concerns whether the board of directors breached their fiduciary duties by failing to adequately shop the Company and maximize shareholder value. Under the terms of the agreement, PRM shareholders will receive $7.10 per share in cash in an all-cash transaction valued at $525 million. However, the offer price is low compared to net income multiples in comparable deals. Further, KKR & Co. owns a 58% stake in the company, and has already executed a written consent approving the transaction, effectively removing the need for shareholder approval of the transaction.
PRM shareholders seeking more information about this acquisition are advised to contact Gustavo Bruckner, Esq. at email@example.com or 212-661-1100 or toll free at 888-476-6529, ext. 302. Shareholders may also contact Rachelle R. Boyle at firstname.lastname@example.org 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) email@example.com