A lawsuit was filed for investors in shares of NASDAQ:SKUL in connection with the proposed takeover and NASDAQ:SKUL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/28/2016 -- The Shareholders Foundation announced that an investor, who currently holds shares of Skullcandy Inc (NASDAQ:SKUL), filed a lawsuit in effort to halt the proposed takeover of Skullcandy Inc.
Investors who purchased shares of Skullcandy Inc (NASDAQ:SKUL) and currently hold any of those NASDAQ:SKUL shares 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 NASDAQ:SKUL stockholders by agreeing to sell Skullcandy Inc too cheaply via an unfair process to Incipio, LLC
On June 23, 2016, Skullcandy Inc entered into an Agreement and Plan of Merger with Incipio, LLC, a Delaware limited liability company and Powder Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Incipio, LLC, pursuant to which, and on the terms and subject to the conditions thereof, among other things, Powder Merger Sub, Inc will commence a tender offer to acquire all of the outstanding shares of common stock of Skullcandy Inc (NASDAQ:SKUL) at a purchase price of $5.75 per Company Share, net to the holder thereof in cash, subject to reduction for any applicable withholding taxes, without interest.
On June 27, 2016, Skullcandy Inc announced that on June 24, 2016 Skullcandy's board of directors received an unsolicited proposal from Mill Road Capital to acquire all of the outstanding shares of Skullcandy common stock for $6.05 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:SKUL shareholders will receive is grossly inadequate and undervalues Skullcandy Inc. Indeed, at least one analyst has set the high target price for NSADAQ:SKUL shares at $6.65 per share and NASDAQ:SKUL shares traded in 2015 as high as $11.46 per share. In addition, the plaintiff alleges that the process is also unfair to NSADAQ:SKUL stockholder.
On July 27, 2016, NASDAQ:SKUL shares closed at $6.05 per share.
Those who are current investors in Skullcandy Inc 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