On November 12, 2012, Jefferies and Leucadia announced that they had entered into a definitive merger agreement under which Leucadia will acquire Jefferies through a stock-for-stock transaction. The total value of the deal is approximately $2.56 billion based on Jefferies's closing stock price on November 9, 2012. Robbins Umeda LLP's investigation focuses on whether the members of the board of directors of Jefferies are undertaking a fair process to obtain the maximum value possible for shareholders, or, instead, seeking to benefit themselves. Under the terms of the deal, holders of Jefferies common stock will receive Leucadia stock valued at $17.66 for each share they own. The $17.66 per share offer price represents a premium of only 23.7% based on Jefferies's closing price on November 9, 2012. As recently as April 10, 2012, Jefferies traded above the offer price at $18.00 per share. At least one analyst from JMP Securities has set a price target for Jefferies of $19.00 per share.