Law firm mounts suit over Tween buyout
Headline News
A New York law firm is soliciting shareholders to join a class-action lawsuit against Tween Brands Inc. over Dress Barn Inc.'s planned acquisition of the Central Ohio apparel retailer.
Levi & Korsinsky LLP said Tuesday it filed a suit in Delaware Chancery Court, alleging Tween's stock-swap deal with Suffern, N.Y.-based Dress Barn Inc. values the New Albany-based merchant lower than its book value and analysts' stock price targets. Based on terms of the $220 million transaction, Dress Barn is paying about $157 million for Tween shares and paying off the troubled retailer's outstanding bank debt.
The deal for Tween is expected to close in October, provided it gets regulatory and shareholder approvals.
The law firm, which specializes in securities and shareholder litigation, said other terms of the deal, including a break-up fee of more than $5 million, “all but ensure that no superior offer will ever be forthcoming."
Related listings
-
Analysis: Sotomayor record thin on executive power
Headline News 07/09/2009Supreme Court nominee Sonia Sotomayor's thin record on the limits of presidential power suggests she will be neither reflexively hostile to broad expansion of a president's authority nor a reliable rubber stamp in support of it.Three cases in particu...
-
Lawyers' group: Sotomayor well qualified for court
Headline News 07/07/2009Supreme Court nominee Sonia Sotomayor earned a "well-qualified" rating from the American Bar Association on Tuesday as she prepared for Senate hearings next week.The ABA committee that reviewed her qualifications came out with that unanimous rating o...
-
Group sends Sotomayor docs to Senate
Headline News 07/01/2009A Puerto Rican legal advocacy group late Tuesday sent a trove of documents from Supreme Court nominee Sonia Sotomayor's past to the Senate panel considering her nomination. Latino Justice PRLDEF sent the Judiciary Committee more than 350 pages of doc...
Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.