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If you purchased shares of MCG Capital Corp (NASDAQ:MCGC) and currently hold any of those NASDAQ:MCGC shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
May 4, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of MCG Capital Corp (NASDAQ:MCGC), was announced concerning whether the takeover of MCG Capital Corp. by PennantPark Floating Rate Capital Ltd for $4.75 per share is unfair to NASDAQ:MCGC stockholders.
The investigation by a law firm concerns whether certain officers and directors of MCG Capital Corp breached their fiduciary duties owed to NASDAQ:MCGC investors in connection with the proposed acquisition.
On April 29, 2015 PennantPark Floating Rate Capital Ltd. and MCG Capital Corp (NASDAQ:MCGC) announced that they have entered into an agreement under which PennantPark Floating Rate Capital Ltd will acquire MCG Capital Corp (NASDAQ:MCGC) in a stock and cash transaction currently valued at approximately $175 million, or approximately $4.75 per NASDAQ:MCGC share at closing.
However, the investigation concerns whether the offer is unfair to NASDAQ:MCGC stockholders. More specifically, the investigation concerns whether the MCG Capital Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Shares of MCG Capital Corp (NASDAQ:MCGC) traded during mid-2013 as high as $5.43 per share.
