The deal has reportedly been under consideration for months, however in January 2011, the company's directors agreed to a $650 million buyout by MidOcean Partners, a privagte equity company. MidOcean agreed to pay $66.50 for each outstanding share of Pre-Paid stock. The deal would make Ada-based Pre-Paid, which has traded on the New York Stock Exchange since 1972, a private company.
The petition was filed in Oklahoma County District Court by shareholders Andrew D. McMullan and James E. McCurdy. The petition claims Pre-Paid and its board struck the deal with MidOcean "pursuant to an unfair process and at an unfair price."
