Robbins Arroyo LLP: Acquisition of Millennial Media Incorporated (MM) by AOL May Not Be in Shareholders' Best Interests
SAN DIEGO and BALTIMORE, Sept. 3, 2015 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of Millennial Media Inc. (NYSE: MM) by AOL. On September 3, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which AOL will acquire Millennial Media. Under the terms of the agreement, Millennial Media shareholders will receive $1.75 in cash for each share of Millennial Media common stock.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/millenial-media-inc-september-2015
Is the Proposed Acquisition Best for Millennial Media and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at Millennial Media is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, the $1.75 merger consideration represents a premium of only 4.2% based on Millennial Media's closing price on August 3, 2015. This premium is significantly below the average one-month premium of nearly 53% for comparable transactions within the past year. Further, the $1.75 merger consideration is significantly below the target price of $2.15 set by an analyst at Canaccord Genuity on August 10, 2015. In the last three years, Millennial Media traded as high as $16.86 on November 6, 2012, and most recently traded above the merger consideration – at $1.76 – on August 3, 2015.
Millennial Media shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. Millennial Media shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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