CAM Commerce Solutions Inc Faces Class Action Lawsuit Over The Merger Agreement With An Equity Investment Firm
Levi & Korsinsky, the leading law firm in New York has today announced to file a class action lawsuit against the CAM Commerce Solutions, Inc challenging its proposed acquisition deal. The company CAM Commerce Solutions, Inc has decided on a definite merger agreement with Great Hill Partners, a private equity investment firm.
Under the terms of the proposal, CAM Commerce shareholders would receive $40.50 a share, or $180 million. CAM Commerce shares closed at $37.54 the day before the announcement of the proposed transaction, so the deal price reflects a 7.9% premium over the prior day’s closing price, but approximately a 10% discount to the 52 week closing high for the stock of $45.25 per share. CAM Commerce’s board of directors has approved the deal, which is subject to conditions including antitrust clearance and a vote of the Company’s shareholders. The proposed transaction is expected to close in the fourth quarter of CAM Commerce’s fiscal year ending September 30, 2008. Upon closing, CAM Commerce will no longer be publicly traded and the surviving corporation in the merger will be privately owned by an affiliate of Great Hill Partners.
It can be added that the CAM Commerce designs, develops, markets, installs and services highly integrated retailing and payment processing solutions for small to medium size traditional and eCommerce businesses based on the company’s open architecture software.
If you are a current shareholder of CAM Commerce and would like to be advised of your rights in this matter, you may contact Levi & Korsinsky at the number below. Levi & Korsinsky, LL Eduard Korsinsky, Esq Juan E. Monteverde, Esq (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
39 Broadway, Suite 1601
New York, NY 10006
Source: Market Watch
Filed under Class Action, General Law, Shareholder Lawsuit
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