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Under the terms of the transaction, the board of directors approved a 1-for-30,000 reverse stock spilt of Company common stock. After the reverse stock split, any shareholder holding less than one share will receive a cash payment of $5.15 for each share held prior to the reverse split. The Company also announced that Gratco, LLC and Holiday Stationstores, Inc., have agreed to make an offer to purchase shares held by remaining shareholders following the going private transaction at the same price of $5.15 per share following effectiveness of the stock spilt. The investigation concerns whether the board breached their fiduciary duties given that Gander Mountain stock traded at $5.62 on August 31, 2009 and $6.39 on June 8, 2009.
If you are a Gander Mountain shareholder and wish to discuss the legal ramifications of the Board's actions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
SOURCE: Brodsky & Smith, LLC
Brodsky & Smith, LLC Jason L. Brodsky, Esquire Marc L. Ackerman, Esquire 877-LEGAL-90 clients@brodsky-smith.com
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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