A lawsuit was filed for investors in shares of IPC Healthcare Inc (NASDAQ:IPCM) in connection with the proposed takeover was announced and NASDAQ:IPCM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/09/2015 -- An investor in NASDAQ:IPCM shares filed a lawsuit in effort to halt the proposed takeover of IPC Healthcare Inc. by Team Health Holdings, Inc for $80.25 per share.
On August 4, 2015, Team Health Holdings, Inc. announced an agreement to acquire IPC Healthcare Inc (NASDAQ:IPCM) in an all-cash transaction with an enterprise value of approximately $1.6 billion or $80.25 per share.
Investors who purchased shares of IPC Healthcare Inc (NASDAQ:IPCM) and currently hold any of those NASDAQ:IPCM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:IPCM stockholders by agreeing to sell IPC Healthcare Inc too cheaply via an unfair process to Team Health Holdings, Inc. The plaintiff claims that the proposed consideration NASDAQ:IPCM shareholders will receive is grossly inadequate and undervalues IPC Healthcare Inc. The plaintiff said that to the detriment of the company's stockholders, the terms of the merger agreement substantially favor TeamHealth and are calculated to unreasonably dissuade potential suitors from making competing offers. IPC Healthcare Inc reported that its annual Total Revenue rose from $457.47 million in 2011 to $693.99 million in 2014 and that its respective Net Income increased from $29.27 million to $39.02 million. In addition, the plaintiff claims that the process is also unfair to NASDAQ:IPCM stockholders. The plaintiff claims that under the terms of the proposed transaction, IPC Healthcare Inc is not allowed to solicit competing offers and is severely limited in its ability to communicate with bidders about unsolicited offers, making it almost impossible for IPC Healthcare Inc to secure a higher offer. The plaintiff alleges that the proposed transaction also contains preclusive deal protection devices, such as a $47 million termination fee provision, a rule requiring IPC Healthcare Inc to tell TeamHealth about potential third-party bids within 24 hours and a "highly restrictive" provision governing IPC Healthcare Inc's right to withdraw the deal under some circumstances.
On September 8, 2015, NASDAQ:IPCM shares closed at $79.22 per share.
Those who are current investors in IPC Healthcare Inc (NASDAQ:IPCM) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego