A lawsuit was filed for investors in shares of IGATE Corp (NASDAQ:IGTE) in effort to halt the proposed takeover and NASDAQ:IGTE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/24/2015 -- An investor who currently holds shares of IGATE Corp (NASDAQ:IGTE), filed a lawsuit in effort to halt the proposed takeover of IGATE Corp by Capgemini for $48 per share.
Investors who purchased shares of IGATE Corp (NASDAQ:IGTE) and currently hold any of those NASDAQ:IGTE shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:IGTE stockholders by agreeing to sell IGATE Corp too cheaply via an unfair process to Capgemini.
On April 27, 2015, Capgemini and IGATE Corp announced that they have entered into a definitive merger agreement under which Capgemini will acquire IGATE for a cash consideration of $48 per share.
However, the plaintiff claims that the proposed consideration NASDAQ:IGTE shareholders will receive is grossly inadequate and undervalues IGATE Corp. Indeed, at least one analyst has set the high target price for NASDAQ:IGTE shares at $55.00 per share. Furthermore, IGATE Corp reported that its annual Total Revenue rose from $779.65 million in 2011 to over $1.26 billion in 2014 and that its respective Net Income increased from $51.47 million in 2011 to $110.01 million in 2014. Shares of IGATE Corp (NASDAQ:IGTE) grew from $9.67 per share in August 2011 to as high as $45.90 per share on April 24, 2015. In addition, the plaintiff claims that the process is also unfair to NASDAQ:IGTE stockholders.
Those who are current investors in IGATE Corp (NASDAQ:IGTE) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego