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Follow on Google News | Midas, Inc. Investor Investigation over potential Wrongdoing in BuyoutAn investigation on behalf of investors of Midas, Inc. in connection with the takeover was announced and NYSE-MDS stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com
If you are a current investor in Midas, Inc. shares and purchased your Midas, Inc. shares prior to March 13, 2012, you have certain options and you should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigations by law firms concern whether Midas, certain officers and directors, and/or others breached their fiduciary duties owed to Midas, Inc. investors in connection with the proposed acquisition. On Tuesday, March 13, 2012, TBC Corporation and Midas, Inc. announced that they have entered into a merger agreement, pursuant to which TBC Corp. will acquire Midas, Inc. through a cash tender offer at $11.50 per share. The all-cash transaction is valued at approximately $310 million, including the assumption of approximately $137 million in debt and pension liabilities. Following the announcement shares of Midas, Inc. jumped on Monday to $11.45 on Tuesday. However, Midas Chairman, President and Chief Executive Officer Alan Feldman has already signed a tender and voting agreement in support of the offer. Additionally, Midas’ financial performance improved lately. Despite a slight decrease in its Total Revenue from $192.40million for a 52weeks period ending on Jan 1, 2011 to $183.60million for a 52weeks period ending on Dec. 31, 2011, Midas, Inc. was able to turn its Net Loss of $13.40million for the 52weeks period ending on Jan 1, 2011 into a Net Income of $4.00million for the 52weeks period ending on Dec. 31, 2011. Therefore the investigation for NYSE-MDS investors concerns whether the Midas Board of Directors undertook an adequate sales process and in particular breached their fiduciary duties to Midas, Inc. shareholders by failing to adequately shop the Company before entering into this transaction. Those who are current investors in Midas, Inc. and purchased their NYSE-MDS shares prior to the announcement, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. # # # The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon. End
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