MILWAUKEE, Feb. 26, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Assisted Living Concepts, Inc. ("Assisted Living") for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Assisted Living to TPG.
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Assisted Living's long-term financial outlook is improving and yet Assisted Living shareholders will receive only $12.00 in cash for each share of Class A common stock and holders of Class B common stock will receive $12.90 in cash. TPG is well aware of Assisted Living's improving financial metrics and is purchasing Assisted Living at a substantial discount. The merger agreement unreasonably limits prospective bids for Assisted Living by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Assisted Living receive and accept a superior bid. Assisted Living insiders, their affiliates and other majority shareholders own significant voting stock of Assisted Living, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Assisted Living not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Assisted Living'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 Assisted Living given its current financial condition and prospects.
If you own common stock in Assisted Living and wish to obtain additional information, please contact Guri Ademi either at email@example.com or toll-free: 866-264-3995, or http://www.ademilaw.com/case/assisted-living-concepts-inc.
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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