An investigation on behalf of investors of Move Inc. (NASDAQ:MOVE) in connection with the proposed takeover was announced and NASDAQ:MOVE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/06/2014 -- The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Move Inc. (NASDAQ:MOVE), was launched concerning whether the takeover of Move Inc.. by News Corp for $21 per share is unfair to NASDAQ:MOVE stockholders.
Investors who purchased shares of Move Inc. (NASDAQ:MOVE) and currently hold any of those NASDAQ:MOVE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Move Inc. breached their fiduciary duties owed to NASDAQ:MOVE investors in connection with the proposed acquisition.
On September 30, 2014, News Corp and Move, Inc. announced that News Corp has agreed to acquire Move Inc. Under the acquisition agreement News Corp will acquire all the outstanding shares of Move Inc. for $21 per share, or approximately $950 million (net of Move’s existing cash balance), via an all-cash tender offer.
However, given that at least one analyst has set the high target price for NASDAQ:MOVE shares at $23.00 per share, the investigation concerns whether the offer is unfair to NASDAQ:MOVE stockholders. More specifically, the investigation concerns whether the Move Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Move Inc. reported that its annual Total Revenue rose from $191.72 million in 2011 to $227.03 million in 2013. Shares of Move Inc. (NASDAQ:MOVE) grew from $7.18 per share in December 2012 to as high as $18.30 per share in October 2013.
On October 2, 2014, NASDAQ:MOVE shares closed at $20.93 per share.
Those who are current investors in Move Inc. (NASDAQ:MOVE) 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