NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. is investigating potential claims on behalf of Electro Rent Corporation (NASDAQ:ELRC) investors concerning the proposed acquisition of the company by Platinum Equity.
The investigation concerns whether Electro Rent’s board of directors failed to adequately shop the company and obtain the best possible value for Electro Rent stockholders before entering into a definitive merger agreement with Platinum Equity. Under the terms of the agreement, Electro Rent stockholders will receive $13.12 in cash for each Electro Rent share.
In conjunction with the agreement, Electro Rent will not be paying its next quarterly common stock dividend, scheduled for July 2016. Further, certain insiders who collectively own approximately 29% of the company’s outstanding shares have already agreed to tender their shares.
If you purchased Electro Rent securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters please contact J. Brandon Walker, Esq. by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information, please go to www.bespc.com.