Robbins Umeda LLP Announces an Investigation of SFN Group, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of SFN Group, Inc. (NYSE: SFN) in connection with their efforts to sell the company to Randstad Holding nv (Euronext Amsterdam: RAND.AS).
On July 20, 2011, SFN Group announced that it had entered into a definitive merger agreement pursuant to which Randstad will acquire all outstanding shares of the company’s common stock via a cash tender offer for $14.00 per share. The transaction is expected to close as soon as September 2011.
Robbins Umeda LLP’s investigation focuses on whether SFN Group’s board of directors is undertaking a fair process to obtain maximum value and adequately compensate shareholders. Recently, SFN Group has traded higher than the offer price. In fact, on April 6, 2011, SFN Group traded as high as $15.39, and on April 26, 2011 as high as $14.21. Additionally, several leading analysts have issued target prices that value SFN Group’s stock between $15.00 to $17.00, all higher than Randstad’s offer price.
If you own stock in SFN Group and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.