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Brower Piven Announces an Investigation of the Acquisition of AmeriCredit Corp. by General Motors

^{Published on 2010-07-22 14:30:52 - Market Wire}
 

STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of AmeriCredit Corp. (aAmeriCredita or the aCompanya) (NYSE:ACF) and other violations of state law by the Board of Directors of AmeriCredit relating to the proposed acquisition of the company by General Motors. The firma™s investigation seeks to determine whether AmeriCredit and its Board breached their fiduciary duties by failing to maximize shareholder value.

"increased its relationships with dealers to 8,100 in its fiscal third quarter from 3,000 in the depths of the financial crisis in 2008."

On July 22, 2010, the companies announced that they had entered into an agreement for AmeriCredit to be acquired by GM in a transaction valued at approximately $3.5 billion. Under the terms of the agreement, AmeriCredit shareholders will receive $24.50 for each share of common stock held. Although GMa™s acquisition price represents an approximately 25% premium over AmeriCredita™s closing share price on July 21, 2010, AmeriCredit has traded for as much as $26.49 this year. In addition, AmeriCredit business prospects are improving, reporting that aloan originations could total as much as $900 million for the fiscal fourth quarter ended June 30 up from $175 million a year earliera and that the company has aincreased its relationships with dealers to 8,100 in its fiscal third quarter from 3,000 in the depths of the financial crisis in 2008.a

If you currently own shares of AmeriCredit Corp. and would like to learn more about the investigation being conducted by Brower Piven, you may e-mail or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ piven@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 40 years.