DALLAS, Dec. 16, 2011 /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 RSC Holdings, Inc. ("RSC Holdings" or "RRR") (NYSE: RRR) to United Rentals, Inc. for shareholders. Under the proposed acquisition, upon closing each share of RSC Holdings/RRR common stock will be converted into the right to receive a fixed ratio of 0.2783 shares of United Rentals common stock and $10.80 in cash. The acquisition price represents a value of approximately only $18.00 per share to RSC Holdings shareholders.
(Logo: http://photos.prnewswire.com/prnh/20111111/DA05320LOGO)
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 acquisition agreement involves a transaction with a total enterprise value of approximately $4.2 billion, including $2.3 billion of net debt. The transaction is expected to close in the first half of 2012.
The investigation centers on whether RSC Holdings shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues RSC Holdings' stock, and whether RSC Holdings' board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. More specifically, although the acquisition price represents a premium over RSC Holdings' closing price the day before the buyout announcement, RSC Holdings/RRR shares closed as high as $14.57 per share as recently as April 2011. "Based on these and other factors, we are concerned that the transaction may undervalue RSC Holdings 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
Share this article