SAN DIEGO and WORCESTER,
Mass., Nov. 6, 2014 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of World Energy Solutions,
Inc. (NASDAQ: XWES) by EnerNOC, Inc. (NASDAQ: ENOC). On
November 4, 2014, the two companies
announced the signing of a definitive merger agreement pursuant to
which EnerNOC will acquire World Energy. Under the terms of
the agreement, World Energy shareholders will receive $5.50 in cash for each share of World Energy
common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/world-energy-solutions-inc
Is the Proposed Acquisition Best for World Energy and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at World Energy is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $5.50
merger consideration represents a premium of 33.2% based on World
Energy's closing price on November 4,
2014. This premium is significantly below the average
one-day premium of nearly 60% for comparable transactions within
the past three years. Further, the $5.50 merger consideration is significantly below
the target price of $7.00 set by an
analyst at Roth Capital Partners on August
11, 2014.
On August 8, 2014, World Energy
released its earnings results for its second quarter 2014,
reporting strong quarterly earnings. In particular, World Energy
reported record EBITDA of $1.3
million. Further, the company reported revenue of
$9.4 million, an 18% increase
compared to the same quarter 2013, and it improved its gross margin
to 77% compared to 73% in the same period the previous year.
In commenting on these results, World Energy's CEO, Phil Adams, remarked, "Not only did we show
double-digit organic revenue growth, but we achieved record EBITDA
and reached quarterly profitability more quickly than expected….
Based on our results through the first half of the year, a strong
sales pipeline, and continued improvement in sales and operational
performance, we are again raising our view on EBITDA growth.
We now forecast we will double last year's EBITDA and reach GAPP
profitability for the full year."
In light of these facts, Robbins Arroyo LLP is examining World
Energy board of directors' decision to sell the company now rather
than allow shareholders to continue to participate in the company's
continued success and future growth prospects.
World Energy shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material information.
World Energy shareholders interested in information about their
rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
Logo -
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO
SOURCE Robbins Arroyo LLP