A lawsuit was filed by investor in shares of Caesars Acquisition Company (NASDAQ:CACQ) in effort to stop the proposed takeover and NASDAQ:CACQ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/12/2015 -- An investor, who currently holds shares of Caesars Acquisition Company (NASDAQ:CACQ), filed a lawsuit in effort to halt the proposed takeover of Caesars Acquisition Company by Caesars Entertainment Corporation for a value of approximately $8.96 per share.
Investors who purchased shares of Caesars Acquisition Company (NASDAQ:CACQ) and currently hold any of those NASDAQ:CACQ shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CACQ stockholders by agreeing to sell Caesars Acquisition Company. too cheaply via an unfair process to Caesars Entertainment Corporation.
On December 22, 2014, Caesars Entertainment Corporation (NASDAQ: CZR) and Caesars Acquisition Company (NASDAQ:CACQ) ("Caesars Acquisition") announced that they have entered into an agreement to merge in an all-stock transaction. Pursuant to the terms of the proposed transaction, and subject to the overall restructuring of CEOC, regulatory approval and other closing conditions, each outstanding share of Caesars Acquisition class A common stock will be exchanged for 0.664 share of Caesars Entertainment common stock, subject to adjustments set forth in the merger agreement. Based on a closing price of $13.49 per NASDAQ: CZR shares on December 19, 2014 the proposed transaction value NASDAQ:CACQ shares at $8.96 per share.
However, the plaintiff claims that the offer is too low and undervalues Caesars Acquisition Company. Indeed, at least one analyst has set the high target price for NASDAQ:CACQ shares at $15.00 per share and that NASDAQ:CACQ traded as recently as November 2014 as high as $10.81 per share, respectively as high as $16.38 per share in March 2014, Furthermore, Caesars Acquisition Company reported that its annual Total Revenue rose from $372.70 million in 2011 to $512.80 million in 2013. In addition, the plaintiff claims that the process is also unfair to NASDAQ:CACQ stockholders.
On January 9, 2015, NASDAQ:CACQ shares closed at $9.78 per share.
Those who are current investors in Caesars Acquisition Company (NASDAQ:CACQ) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego