A lawsuit was filed by an investor in shares of E2open Inc (NASDAQ:EOPN) in effort to stop the proposed takeover and NASDAQ:EOPN stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/25/2015 -- An investor, who currently holds shares of E2open Inc (NASDAQ:EOPN), filed a lawsuit in effort to stop the proposed takeover of E2open Inc by venture capital firm Insight Venture Partners for $8.60 per share.
Investors who purchased shares of E2open Inc (NASDAQ:EOPN) and currently hold any of those NASDAQ:EOPN 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:EOPN stockholders by agreeing to sell E2open Inc too cheaply via an unfair process to Insight Venture Partners.
On February 5, 2015, E2open, Inc. (NASDAQ:EOPN) announced that it has entered into a merger agreement whereby venture capital firm Insight Venture Partners will acquire E2open in a transaction valued at approximately $273 million. Under the terms of the agreement, an affiliate of Insight Venture Partners will commence a tender offer for all the outstanding shares of E2open common stock for $8.60 per share in cash.
However, the plaintiff claims that the proposed consideration NASDAQ:EOPN shareholders will receive is grossly inadequate and undervalues E2open, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:EOPN at $10.00 per share and NASDAQ:EOPN shares traded in the open market as recently as December 2014 as high as $9.93 and in early 2014 as high as $29.00.
In addition, the plaintiff alleges that the process is unfair to NASDAQ:EOPN stockholders. The plaintiff says that the terms of the proposed transaction were designed to ensure a transaction with Insight Venture Partners on terms preferential to Insight Venture Partners. The plaintiff alleges that the board of directors of E2Open, Inc. has breached its fiduciary duties by agreeing to preclusive deal protection devices, such as a no solicitation, a matching rights, an information rights, and a termination fee provision that limit the board of director's ability to act with respect to investigating and pursing superior proposals.
On February 23, 2015, NASDAQ:EOPN shares closed at $8.56 per share.
Those who are current investors in E2open Inc (NASDAQ:EOPN) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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