A lawsuit was filed for investors in NASDAQ:PLCM shares in connection with the proposed takeover of Polycom Inc was announced and NASDAQ:PLCM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/15/2016 -- An investor who currently holds NASDAQ:PLCM shares filed a lawsuit against the proposed takeover of Polycom Inc. by Mitel Networks Corporation.
Investors who purchased shares of Polycom Inc (NASDAQ:PLCM) and currently hold any of those NASDAQ:PLCM shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PLCM stockholders by agreeing to sell Polycom Inc too cheaply via an unfair process to Mitel Networks Corporation.
On April 15, 2016, Mitel Networks Corporation and Polycom Inc (NASDAQ:PLCM) announced that they have entered into a merger agreement in which Mitel Networks Corporation will acquire all of the outstanding shares of Polycom Inc common stock in a cash and stock transaction valued at approximately $1.96 billion. Under the terms of the agreement, Polycom Inc stockholders will be entitled to $3.12 in cash and 1.31 Mitel Networks Corporation common shares for each share of Polycom common stock, or $13.68 based on the closing price of a Mitel Networks Corporation common share on April 13, 2016.
However, plaintiff claims that the proposed consideration NASDAQ:PLCM shareholders will receive is grossly inadequate and undervalues Polycom Inc. Indeed, at least one analyst has set the high target price for NASDAQ:PLCM shares at $15.00 per share. In addition, the plaintiff alleges that the process is also unfair to Polycom Inc stockholders.
On June 13, 2016 NASDAQ:PLCM shares closed at $11.78 per share.
Those who are current investors in Polycom Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego