MAC-GRAY SHAREHOLDER ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Mac-Gray Corporation (TUC) Over the Proposed Sale of the Company to CSC Serviceworks, Inc. (CSC)
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Mac-Gray Corporation (“Mac-Gray” or the “Company”) (NYSE: TUC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to CSC ServiceWorks, Inc. (“CSC”) in a cash deal valued at approximately $524 million. Under the terms of the proposed transaction, Mac-Gray’s stockholders will receive $21.25 for each share of Mac-Gray common stock they own.
The investigation focuses on whether Mac-Gray’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether and by how much this proposed transaction undervalues the Company to the detriment of Mac-Gray’s shareholders.
If you own common stock in Mac-Gray and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.