The securities litigation law firm of Brower Piven, A Professional
Corporation, has commenced an investigation into possible breaches of
fiduciary duty and other violations of state law by the Board of
Directors of Caesars Acquisition Company (“Caesars Acquisition” or the
“Company”) (Nasdaq: CACQ) relating to the proposed buyout of the Company
by Caesars Entertainment Corporation (“Caesars Entertainment”).
On December 22, 2014, Caesars Acquisition and Caesars Entertainment
announced that they have entered into a definitive agreement to merge in
an all-stock transaction. Under the terms of the transaction, each
outstanding share of Caesars Acquisition class A common stock will be
exchanged for 0.664 share of Caesars Entertainment common stock. The
exchange values Caesars Acquisition at $8.96 based on the December 19,
2014 closing price.
The firm’s investigation seeks to determine, among other things, whether
the Company’s Board of Directors failed to satisfy their duties to
shareholders, including whether the Board adequately pursued
alternatives to the acquisition and whether the Board obtained the best
price possible for the Company’s shares of common stock. In particular,
according to Yahoo! Finance, at least one Wall Street analyst has
issued a price target for Caesars Acquisition stock at $15.00 per share.
Additionally, earlier this year Caesars Acquisition stock traded at
$16.98 per share.
If you currently own common stock of Caesars Acquisition and would like
to learn more about the investigation being conducted by Brower Piven,
without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html.
You may also request more information by contacting Brower Piven either
by email at hoffman@browerpiven.com
or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating
securities and other class action cases and have been advocating for the
rights of shareholders since the 1980s.
Copyright Business Wire 2014