Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Tween Brands Inc. - TWB
22 7월 2009 - 1:20AM
Marketwired
Levi & Korsinsky, LLP announces that a class action lawsuit has
been filed in the Delaware Chancery Court challenging the proposed
acquisition of Tween Brands Inc. ("Tween Brands" or the "Company")
(NYSE: TWB).
The Complaint arises out of the announcement by Tween Brands
stating that it had entered into a definitive merger agreement with
Dress Barn Inc. ("Dress Barn") (NASDAQ: DBRN). Under the terms of
the agreement, shareholders of Tween Brands will receive 0.47
shares of Dress Barn stock for each share of Tween Brands they own.
Based on Dress Barn's June 24, 2009 closing stock price of $13.24,
the agreement values Tween Brands shares at $6.22 per share. The
price appears unfair given that Tween Brands shares traded above
$9.00 per share as recently as the fourth quarter of 2009 and the
Company has a book value of over $7.00 per share. Also, the sales
process the Company conducted was flawed because the Company agreed
to a non-solicitation provision and a termination fee of $5.15
million that will all but ensure that no superior offer will ever
be forthcoming.
If you own common stock in Tween Brands and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/twb1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard
Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004
Tel: (212) 363-7500 Fax: (212) 363-7171 www.zlk.com
Tween Brands (NYSE:TWB)
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Tween Brands (NYSE:TWB)
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