NEW YORK, Aug 16, 2010 (BUSINESS WIRE) -- Tripp Levy PLLC is investigating the proposed acquisition of Prospect Medical Holdings, Inc. /quotes/comstock/15*!pzz/quotes/nls/pzz (PZZ 8.50, -0.03, -0.35%) . Prospect Medical announced that it had entered into an agreement to be acquired by an entity sponsored by Leonard Green & Partners, L.P. in which certain stockholders of Prospect will also participate. Under the terms of the transaction, Prospect Medical shareholders will receive $8.50 in cash for each Prospect Medical share of common stock they own for a total transaction value of approximately $363 million, including the assumption of debt.
Certain directors and officers of Prospect Medical that own approx. 50% of Prospect's shares have entered into a voting agreement in which they have agreed to vote in favor of the transaction. These stockholders also have agreed to exchange approximately 6.2 million of their Prospect shares for equity interests in the sponsored purchasing entity in lieu of their receipt of the cash merger consideration for those shares.
The investigation concerns whether buyout group is underpaying for Prospect Medical shares, thus unlawfully harming Prospect Medical stockholders. Indeed, analysts have indicated that the true inherent value of Prospect Medical is at least $16.20 per share. If you own Prospect Medical common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp Levy
Tripp Levy PLLC
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Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.
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SOURCE: Tripp Levy PLLC