MILWAUKEE, Dec. 23, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Arden for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Arden to private equity firm TPG.
Click here to learn how to join the action: http://www.ademilaw.com/case/arden or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Arden's long-term financial outlook is very positive and yet Arden shareholders will receive only $126.50 per share, dramatically less than Arden's stock price in recent trading. TPG is well aware of Arden's improving financial metrics and is purchasing Arden at a substantial discount. The merger agreement unreasonably limits prospective bids for Arden by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Arden receive and accept a superior bid. Arden insiders, their affiliates and other majority shareholders own significant voting units of Arden, and will receive benefits as part of change of control arrangements, and therefore can unduly influence a sale of Arden not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Arden's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Arden given its financial condition and prospects.
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CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP