Investor Sues Over Elektra's $780M Bid For Payday Lender

Law360, Wilmington (February 24, 2012, 8:08 PM EST) -- A shareholder of Advance America Cash Advance Centers Inc. launched a putative class action in Delaware court Friday, aiming to block Grupo Elektra SAB's $780 million bid for the payday lending giant, calling the offer grossly unfair.

On Feb. 15, Grupo Elektra announced the $10.50 per share deal — the Mexico-based retail and financial services firm's first move into the U.S. market.

But, according to a complaint filed by Juan Fernandez in Delaware Chancery Court, the offer undervalues Advance America and the company's directors violated their...
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