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Queen Beauty to acquire SOKO
By Pete Hayman
SOKO Fitness and Spa Group has announced that it has entered into an agreement that will see Queen Beauty and Wellness Group (QBWG) acquire 90.7 per cent of the company.
The short-form merger deal will see SOKO - an operator of fitness centres and spas - leave the OTC Bulletin Board and go private as a wholly-owned subsidiary of QBWG. Shareholders are set to receive US$4.50 (£2.77) per share under the terms of the agreement, which has been led by a consortium of existing SOKO shareholders.
However, the deal has prompted the launch of an investigation by a number of law firms to see whether certain officers had breached "fiduciary duties" towards shareholders. Willie Briscoe of The Briscoe Law Firm - one of those investigating the deal, said: "We are investigating the fairness of the proposed transaction to SOKO shareholders, whether the shareholders are being underpaid for their stock.
"Based on these and other factors, we do not believe that the acquisition price is fair, and our anticipated lawsuit will seek to obtain the highest share price for all shareholders."
SOKO Fitness and Spa Group has announced that it has entered into an agreement that will see Queen Beauty and Wellness Group (QBWG) acquire 90.7 per cent of the company.
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