Robbins Umeda LLP Is Investigating Emergency Medical Services Corp. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is investigating possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Emergency Medical Services Corp. (NYSE: EMS) in connection with their efforts to sell the company to Clayton, Dubilier & Rice, LLC
On February 14, 2011, EMS and CD&R announced a definitive merger agreement under which under which EMS will be acquired by CD&R. Under the terms of the current agreement, EMS shareholders will receive $64 per share in cash, a 9.4% discount of EMS’s closing price of $70.66 on February 11, 2011.
The investigation seeks to determine whether EMS’ board of directors undertook a fair process to obtain maximum value for its shareholders. Specifically, since December 2010, at least nine brokerage firms have had a price target higher than the current acquisition price. The stock also traded higher than the current offer price on February 10 and February 11.