Tripp Levy PLLC Investigates Proposed Acquisition of Spark Networks NEW YORK, Mar 03, 2010 (BUSINESS WIRE) -- Tripp Levy PLLC announces an investigation into the proposed acquisition of Spark Networks Inc. On March 2, 2010, it was disclosed that Great Hill Partners announced that it is proposing to acquire all of the outstanding shares of common stock of Spark Networks that it does not currently own for $3.10 per share in cash. Great Hill currently owns approx. 44% of all outstanding shares of common stock of Spark Networks. Great Hill said that it has no interest in selling its interest in Spark Networks and that it would vote against any third party making a competing bid for Spark Networks.
The investigation concerns, among other things, whether the consideration to be paid to Spark Networks shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Spark Networks. Indeed, the offer price represents only an approx. 5% premium over Spark Networks closing stock price the day prior to the announcement. The investigation further concerns whether Great Hill and/or the directors of Spark Networks may have breached their fiduciary duties by not acting in Spark Networks shareholders' best interests in connection with the sale process of Spark Networks.
If you own Spark Networks 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 New York, New York Toll Free: 877-772-3975 Email: firstname.lastname@example.org
The problem those bloodsuckers are going to have is that LOV has been trying to sell itself for over 2 years without any takers, so you can't really say it has some great value - the value of anything is the price the market will bear.
In that case, it should be left to trade in the public stock market. Why do they need to be bought and/or sold? Mgmt needs to focus on running the company, and let the market value take care of itself.