GM to Buy ACF - Free Riders Smell Money

General Motors and AmeriCredit Corp. announced today that GM intends to acquire AmeriCredit in an all-cash deal for $3.5 billion. Based on the signed agreement, AmeriCredit (NYSE: ACF) stockholders will receive cash of $24.50 in exchange for each share of AmeriCredit common stock.

This has already alerted several law firms that there might be money on the table. Based on recent press releases, there are already six law firms that announced that they are investigating for possible breaches of fiduciary duty by the Board of Directors of AmeriCredit Corporation.

[caption id="attachment_4975" align="aligncenter" width="600" caption="Six Law Firms "Investigating" ACF/GM Deal"][/caption]

Here is the line-up of law firms:

07/22/2010 - 09:44 AM
The Law Office of Joseph Klein Investigates Possible Breach of Fiduciary Duty by the Board of AmeriCredit Corp. - ACF
07/22/2010 - 09:46 AM
Tripp Levy PLLC Investigates Buyout of AmeriCredit by GM
07/22/2010 - 10:36 AM
Bernstein Liebhard LLP Announces Investigation of Acquisition of AmeriCredit Corp. by General Motors Co.
07/22/2010 - 11:01 AM
Goldfarb Branham LLP Investigating AmeriCredit Shareholder Claims
07/22/2010 - 11:37 AM
Kendall Law Group Investigates AmeriCredit Corp. Acquisition for Shareholders
07/22/2010 - 01:05 PM
Wolf Haldenstein Investigating AmeriCredit Corporation Board

Whether the deal is not cosher or not can not be determined at this point. But it seems rather interesting that there are already 6 law firms "investigating" only hours after the news breaking about the acquisition intend. Two of the six law firms, Bernstein Liebhard and Wolf Haldenstein labeled their press releases "Attorney Advertising" and writing "If you are interested in discussing your rights as an AmeriCredit shareholder and/or have information relating to the matter, please contact..." or "If you own AmeriCredit common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact...".

[caption id="attachment_4976" align="aligncenter" width="600" caption="Google Ads for Class Action against ACF"][/caption]

Whether these two and the other firms are actively working on cases regarding the proposed acquisition or not could not be determined at press time.

Two law firms have already started a Google Adwords campaign, inviting shareholders of ACF common share to participate in a class action suit.