At least three law firms are investigating the sale of debt buyer Asset Acceptance Capital Corp. to debt buyer Encore Capital Group to determine if Asset Acceptance's shareholders are receiving fair compensation for their shares in the buyout and whether the firm breached its fiduciary duties.

The companies announced the proposed $200 million deal on Wednesday. Former U.S. Securities and Exchange Commission attorney Willie Briscoe, securities litigation firm Powers Taylor LLP and The Rosen Law Firm are reviewing the acquisition.

Asset Acceptance shareholders are set to receive $6.50 for each share of company stock owned, with the option to receive it either in cash, Encore stock or a combination of both. According to attorney's with the investigating law firms, the number is well below at least one analyst’s estimated value of $8.00 per share.

Shareholder rights attorney Patrick Powers stated that “due to proposed sale price, analysts’ estimates and other factors, we are concerned that this transaction undervalues AACC’s stock. Our proposed lawsuit will seek to obtain the highest share price for all shareholders.”

If the deal is approved by regulators and Asset Acceptance shareholders, it's expected to close by the end of June.

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