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Brower Piven Announces Investigation of APAC Customer Services, Inc.STEVENSON, Md. --(Business Wire)-- The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of APAC Customer Services, Inc. ("APAC") (Nasdaq: APAC) and other violations of state law by the board of directors of APAC relating to the proposed acquisition of the company by One Equity Partners ("One Equity" or "OEP"), the private investment arm of JPMorgan Chase & Co. The firm's investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value. On July 7, 2011, APAC and One Equity jointly announced that they had entered into a definitive merger agreement under which an affiliate of OEP will acquire 100% of APAC, through an all-cash transaction with an aggregate equity value of approximately $470 million (One Equity will pay APAC stockholders $8.55 per share in cash). According to the press release, Theodore G. Schwartz (Chairman of APAC) and his affiliated entities, representing approximately 39% of APAC's outstanding shares, have already entered into a voting agreement to vote in favor of the transaction. The transaction is expected to be close in the fourth quarter of 2011. While the press release notes that the merger price represents a premium of approximately 57% over APAC's closing share price on the last trading day prior to the merger announcement, APAC has recently performed well. For example, according to a recent company press release, APAC reported net income of $7.0 million (or $0.13 per share) for the first quarter, compared to $6.6 million (or $0.12 per share) in the prior year quarter. The company also recently announced that it continues to expect earnings of $0.47 to $0.49 per share for fiscal 2011, and revenue of $346 million to $350 million. Indeed, one securities analyst recently reiterated a buy recommendation and a $9.00 per share price target. If you currently own shares of APAC and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [email protected], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
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