Suit claims $650 million deal to buy Ada-based Pre-Paid Legal by private equity firm shortchanged shareholders.
The petition was filed this week in Oklahoma County District Court by shareholders Andrew D. McMullan and James E. McCurdy. It claims Pre-Paid and its board struck the deal with MidOcean “pursuant to an unfair process and at an unfair price.”
The lawsuit seeks class-action status on behalf of Pre-Paid shareholders.
Pre-Paid sells a monthly subscription to a package of limited legal services through a multilevel marketing network of independent sales agents.
Two Pre-Paid Legal Services’ shareholders have filed a class-action lawsuit against the company and its directors, claiming a deal to sell the company shortchanged shareholders.
Pre-Paid directors last month agreed to a $650 million buyout deal with MidOcean Partners, a New York-based private equity firm. MidOcean agreed to pay $66.50 for each outstanding share of Pre-Paid stock. The deal would make Ada-based Pre-Paid, which has traded on the New York Stock Exchange since 1972, a private company.
The company had been considering merger and acquisition offers for several months, including overtures from Cerberus Capital Management LLC.
Story courtesy of NewsOK
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