Blackboard, Inc. Merger Litigation (Nasdaq: BBBB)
Law Office of Brodsky & Smith, LLC Announces Investigation of Blackboard, Inc.
BALA CYNWYD – (BUSINESS WIRE) Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Blackboard, Inc. (“Blackboard” or the “Company”) (Nasdaq – BBBB - News) relating to the proposed going private acquisition by Providence Equity Partners (“Providence”).
Under the terms of the transaction, Blackboard shareholders would receive $45.00 for each share of Blackboard they own. The deal is valued at approximately $1.64 billion. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Blackboard by not acting in Blackboard’s shareholders' best interests in connection with the sale process to Providence. Reaction to the deal has been telling, with analysts indicating disappointment at the final price tag. This is not surprising given the fact that at least one analyst set a target price of $55.00 a share and the median analyst price target sits at $51.00 a share. Moreover, the stock traded at its 52 week high, $50.26, as recently as April 19, 2011.
If you own shares of Blackboard stock and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, visiting http://brodsky-smith.com/307-bbbb-blackboard-inc.html, or by calling toll free 877-LEGAL-90.
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