A lawsuit was filed by an investor in shares of Lender Processing Services, Inc. (NYSE:LPS) in effort to stop the proposed takeover and other NYSE:LPS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/17/2013 -- An investor, who currently holds NYSE:LPS shares, filed a lawsuit in effort to stop the takeover of Lender Processing Services, Inc. by Fidelity National Financial, for a value of approximately $33.25 per NYSE:LPS share.
Investors who purchased shares of Lender Processing Services, Inc. (NYSE:LPS) prior to May 28, 2013, and currently hold any of those NYSE:LPS 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 to NYSE:LPS stockholders by agreeing to sell the company too cheaply via an unfair process.
On May 28, 2013, Fidelity National Financial, Inc. and Lender Processing Services, Inc. announced the signing of an agreement under which Fidelity National Financial will acquire all of the outstanding common stock of Lender Processing Services for $33.25 per common share, for a total equity value of approximately $2.9 billion. Under the terms of the definitive agreement, Fidelity National Financial will pay 50% of the consideration for the Lender Processing Services shares of common stock in cash and 50% in shares of Fidelity National Financial common stock, subject to adjustment.
However, the plaintiff claims that the $33.25-offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NYSE:LPS shares at $36.00 per share. Furthermore, Lender Processing Services’ performance improved lately. For instance, it reported that its annual Total Revenue rose from over $1.98 billion in 2011 to over $1.99 billion in 2012. In addition, shares of Lender Processing Services, Inc. (NYSE:LPS) grew from $13.69 per share in Sept. 2011 to $29.64 per share in October 2012.
On May 29, 2013, NYSE:LPS shares closed at $33.35 per share, thus above the current offer.
Those who are current investors in Lender Processing Services, Inc. (NYSE:LPS), have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com