A lawsuit was filed for investors in shares of Sauer-Danfoss Inc. (NYSE:SHS) in effort to stop the $58.50-takeover and current NYSE:SHS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/13/2013 -- An investor in Sauer-Danfoss Inc. (NYSE:SHS) shares filed a lawsuit in effort to block the proposed takeover of Sauer-Danfoss Inc. by Danfoss A/S at $58.50 per NYSE:SHS share.
Investors who purchased shares of Sauer-Danfoss Inc. (NYSE:SHS) prior to November 28, 2012, and currently hold any of those NYSE:SHS 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 NYSE:SHS stockholders arising out of the attempt to sell the company too cheaply via an unfair process to Danfoss A/S
On Nov. 28, 2012 Sauer-Danfoss Inc. (NYSE: SHS) confirmed that it has received notice from Danfoss A/S of its intention to launch a tender offer to acquire all of the outstanding shares of Sauer-Danfoss that it does not already own at a price of $49.00 per share in cash.
Then on March 1, 2013, Danfoss A/S and Sauer-Danfoss Inc. announced a merger agreement for Danfoss A/S to acquire the 24.4% of Sauer-Danfoss common shares not already owned by Danfoss and its affiliates for $58.50 per share in cash.
However, the plaintiff claims that the $58.50-offer is too low and undervalues the company. Indeed, following the takeover announcement NYSE:SHS shares jumped on March 1, 2013 to a close of $58.73 per share. Furthermore, NYSE:SHS shares traded in the past also above the current offer. In fact, NYSE:SHS shares traded as high as$59.01 per share in April 2011.
In addition, the plaintiff says that the takeover process is also unfair to NYSE:SHS stockholders. In fact, Danfoss A/S and its subsidiaries currently own already approximately 75.6% of the outstanding shares of Sauer-Danfoss.
Those who are current investors in Sauer-Danfoss Inc. (NYSE:SHS), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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