New York, NY (PressExposure) June 24, 2009 -- Levi & Korsinsky (âL&Kâ) is investigating the Board of Directors of Bankrate, Inc. (âBankrateâ or the âCompanyâ) (NasdaqGS: RATE) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to a private equity firm, Apax Partners (âApaxâ). Under the terms of the agreement, Bankrate shareholders will receive $28.50 for each share of Bankrate they own for a total transaction value of approximately $571 million.
The investigation concerns whether the Bankrate Board of Directors breached their fiduciary duties to Bankrate shareholders given that (i) the Company's shares traded at $31.93 as recently June 2, 2009 and as high as $41.92 on January 2, 2009; (ii) the median price target set by analysts for Bankrate shares is $30.00 per share with at least one analyst setting price target of $39.00; and (iii) the Bankrate Board of Directors agreed to a strict "no solicitation" provision and agreed to pay an excessive $30 million termination fee and expenses of up to $3 million that will all but ensure that no superior offer will ever be forthcoming.
If you own common stock in Bankrate and wish to obtain additional information, please contact us at the number listed below or visit [http://www.zlk.com/rate1.html].
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. Press Release Distribution By PressReleasePoint
Contact: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 15th Floor New York, NY 10004 Tel: (212) 363-7500 Fax: (212) 363-7171 http://www.zlk.com