A lawsuit was filed for investors in shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) in connection with the proposed takeover was announced and NASDAQ:CKEC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/04/2016 -- The Shareholders Foundation announced that an investor in NASDAQ:CKEC shares filed a lawsuit in effort to halt the proposed takeover of Carmike Cinemas, Inc. by AMC Theatres for $30.00 per share.
Investors who purchased shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) and currently hold any of those NASDAQ:CKEC shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CKEC stockholders by agreeing to sell Carmike Cinemas, Inc too cheaply via an unfair process to AMC Theatres
On March 3, 2016, AMC Theatres (AMC Entertainment Holdings, Inc.) (NYSE: AMC) and Carmike Cinemas, Inc. (NASDAQ:CKEC) announced they have entered into a merger agreement pursuant to which AMC Theatres will acquire all of the outstanding shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) for $30.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:CKEC shareholders will receive is grossly inadequate and undervalues Carmike Cinemas, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:CKEC shares at $36.00 per share and NASDAQ:CKEC shares traded in early 2015 as high as $34.55 per share. Furthermore, Carmike Cinemas, Inc. reported that its annual Total Revenue rose from $533.91 million in 2012 to $804.37 million in 2015. Shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) reached in 2014 as high as $35.91 per share. In addition, the plaintiff alleges that the process is also unfair to Carmike Cinemas, Inc stockholders.
On May 3, 2016, NASDAQ:CKEC shares closed at $29.85 per share.
Those who are current investors in Carmike Cinemas, Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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