Processing your request


please wait...

Case Page

 

Case Status:    DISMISSED    
On or around 04/08/2011 (Notice of voluntarily dismissal)

Filing Date: February 09, 2011

All American Group, Inc. is an American manufacturing company that primarily produces pre-fabricated housing.

According to the Complaint filed February 09, 2011, on November 08, 2010, the Company and the merger partner announced a definitive agreement (the "Merger Agreement") under which the merger partner, through its affiliates All American Group Holdings, LLC and All American Acquisition Corporation, were to acquire all of the outstanding shares of All American Group now already owned by the merger partner for $0.20 per share in cash. H.I.G. is the Company's controlling stockholder and owns approximately 55.7% of the outstanding common stock of the Company.

The Proposed Transaction consideration of $0.20 per share is grossly inadequate and represents an attempt by the merger partner to squeeze out the minority shareholders of the Company at an unfair price and at the most opportune time. The merger partner is attempting to grab All American Group at a time when the stock price of the Company is trading at historically low levels. In fact, the Company's common stock traded at $0.59 per share as recently as August 2010, and traded at over $1.10 per share in April 2010. In addition, the boot value of the Company is $0.91 per share, more than four times the amount of the Proposed Transaction consideration of $0.20 per share. In fact, the special committee formed to review H.I.G.'s offer believed that $0.80 per share was a fair value for the common stock of the Company held by the Company's minority shareholders.

In addition, on December 17, 2011, the Company filed a Form S-4 Registration Statement, as amended on January 21, 2011 with the United States Securities and Exchange Commission in connection with the Proposed Transaction. The Registration Statement fails to provide the Company's shareholders with material information and provides them with materially misleading information thereby rendering the shareholders unable to cast an informed vote regarding the Proposed Transaction.

On February 15, 2011, the Plaintiff filed an amended class action Complaint. On April 7, 2011, the action was voluntarily dismissed by the Plaintiff and the action was dismissed with prejudice the next day.

On April 7, 2011, a Notice of Dismissal was issued pursuant to Rule 41(a)(1)(A)(i) of the Federal Rules of Civil Procedure, making all claims asserted by the Plaintiff in this action dismissed with prejudice as to all Defendants.

Protected Content


Please Log In or Sign Up for a free account to access restricted features of the Clearinghouse website, including the Advanced Search form and the full case pages.

When you sign up, you will have the option to save your search queries performed on the Advanced Search form.