A lawsuit was filed for investors in shares of Kayak Software Corp (NASDAQ:KYAK) to block the proposed takeover and NASDAQ:KYAK stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/03/2012 -- An investor in shares of Kayak Software Corp (NASDAQ:KYAK) filed a lawsuit against directors in effort to block the proposed buyout of Kayak Software Corp by Priceline.com Incorporated for a value of approximately $40 per NASDAQ:KYAK share.
Investors who purchased shares of Kayak Software Corp (NASDAQ:KYAK) prior to November 8, 2012, and currently hold any of those NASDAQ:KYAK shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed NASDAQ:KYAK stockholders by agreeing to sell the company too cheaply via an unfair process to Priceline.com Incorporated.
On November 8, 2012, Priceline.com Incorporated announced that it has signed an agreement for the Priceline Group to acquire Kayak Software Corp in a stock and cash transaction. Under the terms of the agreement, the transaction values Kayak Software Corp at $1.8 billion ($1.65 billion net of cash acquired) or approximately $40 per share of Kayak Software Corp , with the Priceline Group paying approximately $500 million of the consideration in cash and $1.3 billion in equity and assumed stock options.
However, the plaintiff claims that the offer is unfair to NASDAQ:KYAK stockholders and undervalues the company. Indeed, Kayak Software Corp (NASDAQ:KYAK) reported that its annual Revenue rose from $112.02 million in 2008 to $224.53 million in 2011 and its Net Income increased from $5.10 million in ’08 to $9.70 million in 2011.
Furthermore, the plaintiff alleges that the process is unfair to NASDAQ:KYAK stockholders as well.
Those who are current investors in Kayak Software Corp (NASDAQ:KYAK), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego