An investigation on behalf of investors of ReachLocal Inc. (NASDAQ:RLOC) in connection with the proposed takeover was announced and NASDAQ:RLOC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/05/2016 -- An investigation on behalf of investors, who currently hold shares of ReachLocal Inc. (NASDAQ:RLOC), was announced concerning whether the takeover of ReachLocal Inc. by Gannett Co., Inc at $4.60 per share is unfair to NASDAQ:RLOC stockholders.
Investors who purchased shares of ReachLocal Inc. (NASDAQ:RLOC) and currently hold any of those NASDAQ:RLOC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of ReachLocal Inc. breached their fiduciary duties owed to NASDAQ:RLOC investors in connection with the proposed acquisition.
On June 27, 2016, Gannett Co., Inc. and ReachLocal Inc. (NASDAQ:RLOC) announced the execution of a merger agreement whereby Gannett would acquire the outstanding shares of ReachLocal, Inc., for $4.60 per share in cash, via a tender offer.
However, given that NASDAQ:RLOC shares reached as high as $16.83 per share during 2013, the investigation concerns whether the offer is unfair to NASDAQ:RLOC stockholders. More specifically, the investigation concerns whether the ReachLocal Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On July 1, 2016, NASDAQ:RLOC shares closed at $4.55 per share.
Those who are current investors in ReachLocal Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego