A lawsuit was filed for investors in shares of Intersil Corp (NASDAQ:ISIL) in connection with the proposed takeover and NASDAQ:ISIL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/07/2016 -- The Shareholders Foundation announced that an investor who currently holds shares of Intersil Corp (NASDAQ:ISIL), was announced concerning whether the takeover of Intersil. by Renesas Electronics Corporation for $22.50 per share.
Investors who purchased shares of Intersil Corp (NASDAQ:ISIL) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to to NASDAQ:ISIL stockholders by agreeing to sell Intersil Corp too cheaply via an unfair process to Renesas Electronics Corporation.
On September 12, 2016, Renesas Electronics Corporation and Intersil Corporation announced they have signed an agreement for Renesas Electronics Corporation to acquire Intersil for US$22.50 per share in cash, representing an aggregate equity value of approximately US$3.2 billion (approximately 321.9 billion yen at an exchange rate of 100 yen to the dollar).
However, plaintiff claims that the proposed consideration NASDAQ:ISIL shareholders will receive is grossly inadequate and undervalues Intersil Corporation. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:ISIL stockholders.
Shares of Intersil Corp closed on November 4, 2016, at $22.07 per share.
Those who are current investors in Intersil Corp shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com