Access Plans Investor Alert: The Briscoe Law Firm and Powers Taylor, LLP Investigate the Board of Access Plans, Inc. Concerning the Sale of APNC to AON Corporation

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 [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at [email protected].  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