Hastings announced today they plan on merging with Draw Another Circle LLC. But the proposed merger has caught the attention of several law firms out of New York City.
Under the agreement, current stock holders will receive $3 per share once the merger takes place. That may seem like a slight bargain, because the company's stock closed at around $2.80 on Monday.
Hastings CEO, John Marmaduke, and the National Entertainment Collectibles Association, known as NICA, together own 44% of the Hastings shares.
However the man who owns NICA, Joel Weinshanker, also owns the parent company in the merger, Draw Another Circle LLC.
Several law firms are now investigating whether Weinshanker is using his position to buy the company at an unfair price.
The merger is set to close during the second quarter of this year.
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