DALLAS, June 30, 2009 (GLOBE NEWSWIRE) -- Kendall Law Group, led by a former federal judge and U.S. Attorney, is investigating shareholder claims arising from Tween Brands' (NYSE:TWB) proposed merger with Dress Barn (Nasdaq:DBRN).
The investigation focuses on whether Tween Brands' Board of Directors fulfilled its fiduciary duties to maximize shareholder value in connection with the merger. Under the current agreement, shareholders of Tween Brands will receive 0.47 shares of Dress Barn common stock for each share of Tween Brands common stock they own. Based on Dress Barn's closing price on June 24, 2009, Tween Brands shareholders would receive $6.22 for each of their shares. However, as recently as August 11, 2008, Tween Brands shares were trading at $15.11, a substantially higher price than the proposed offer.
In fact, Tween Brands shares traded above $9.00 per share in the fourth quarter of 2009. The Company has a book value of over $7.00 per share. Also, the sales process the Company conducted was potentially flawed because the Company agreed to a non-solicitation provision and a termination fee of $5.15 million -- designed to lock-in Tween Brands to the current acquisition price.
If you are currently an investor in Tween Brands and purchased your shares before June 24, 2009, please contact attorney Hamilton Lindley at 877-744-3728, or by email at hlindley@kendalllawgroup.com to discuss your rights.
Although every case is different, Kendall Law Group has tremendous success in representing investors in securities lawsuits. Since 2002, the lawyers of the firm have participated in the recovery of over one billion dollars for their clients. To learn more about the firm, please visit www.kendalllawgroup.com.