Tripp Levy PLLC Investigates Buyout of ExpressJet By SkyWest
NEW YORK, August 4, 2010 (BusinessWire) -- Tripp Levy PLLC announces an investigation into the proposed acquisition of ExpressJet Holdings, Inc. (NYSE: XJT). On August 4, 2010, SkyWest, Inc. (Nasdaq: SKYW) announced that it has entered into a definitive merger agreement with ExpressJet, whereby Atlantic Southeast Airlines, Inc., SkyWest's wholly-owned subsidiary, will acquire all of the outstanding shares of common stock of ExpressJet for $6.75 per share in cash, representing a net purchase price of approximately $133 million after giving effect for shares already owned by Atlantic Southeast.
However, ExpressJet may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, SkyWest may be underpaying for ExpressJet, thus unlawfully harming ExpressJet shareholders. Indeed, analysts have projected that ExpressJet’s true inherent value is at least $8 per share.
The investigation concerns, among other things, whether the consideration to be paid to ExpressJet shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of ExpressJet. The investigation further concerns whether SkyWest, as a shareholder of ExpressJet, through shares owned by its subsidiary Atlantic Southeast, as well as the board of directors of ExpressJet may have breached their fiduciary duties by not acting in ExpressJet shareholders' best interests in connection with the sale process of ExpressJet.
If you own ExpressJet 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
125 East 82nd Street
9th Floor
New York, New York
Toll Free: 877-772-3975
Email: contact@tripplevy.com
Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.
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