Per the October 2nd announcement, RCAP is seeking to buy the company for $7.35 per share. The exclusivity period of their negotiations ends on November 15th so I'm hoping a finalized agreement would be announced sometime thereafter. If you purchased stock today and the acquisition is approved, you should have an 8-10% profit.
Tripp Levy PLLC, a leading securites and shareholder rights law firm, is investigating the Board of Directors of Investors Capital Holdings, Ltd. (“ICH” or the “Company”) (NYSE MKT:ICH) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to RCS Capital Corp. (NYSE:RCAP) (“RCAP”).
Under the terms of the transaction, ICH shareholders may elect to receive $7.25 per share or a number of RCAP Class A shares “equal to the quotient of $7.25 divided by the volume weighted average trading price of a share of RCAP’s Class A common stock for the five consecutive trading days immediately preceding the closing of the Merger.” The transaction has a total approximate value of $52.5 million in cash and stock. The investigation concerns whether the ICH Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into this transaction, and whether RCAP is underpaying for ICH shares. ICH President and CEO Timothy Murphy has already agreed to tender his shares.
If you own ICH common stock and wish to obtain additional information, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy.
Tripp Levy PLLC has extensive experience in mergers and takeover and has assisted in the recovery of millions of dollars for shareholders. Attorney advertising. Prior results do not indicate a similar outcme.