Robbins Umeda LLP Is Investigating SRA International, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of SRA International, Inc. (NYSE: SRX). The 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 SRA in connection with their efforts to be acquired by an affiliate of Providence Equity Partners.
On April 1, 2011, SRA announced it has entered into a definitive merger agreement under which SRA will be acquired by an affiliate of Providence Equity Partners in an all-cash transaction. Under the current agreement, SRA shareholders will receive $31.25 in cash for each share of SRA common stock they hold. The transaction is expected to close during the first quarter of the SRA 2012 fiscal year, which begins on July 1, 2011.
The investigation is focused on whether SRA’s board is undertaking a fair process to obtain maximum value for its shareholders. At least one analyst had a target price of $35.00 for the company as of March 14, 2011. Of particular interest, Founder and Chairman of SRA, Dr. Ernst Volgenau, who owns 21% of total shares outstanding and 71% of voting rights, has agreed to vote his shares in approval of the merger. Dr. Volgenau will roll over a portion of his existing SRA equity interest and continue to be a significant shareholder in the privately held company, as well as continue in his capacity as Chairman of the SRA board. In addition, the company will continue to be led by its existing senior management team.
If you own stock in SRA 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.