A lawsuit was filed for investors in shares of AV Homes, Inc. (NASDAQ: AVHI) in connection with the proposed takeover and NASDAQ: AVHI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/10/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of AV Homes, Inc. (NASDAQ: AVHI), filed a lawsuit against the takeover of AV Homes, Inc. by Taylor Morrison Home Corporation.
Investors who purchased shares of AV Homes, Inc. (NASDAQ: AVHI) and currently hold any of those NASDAQ: AVHI shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: AVHI stockholders by agreeing to sell AV Homes, Inc.. cheaply via an unfair process.
Scottsdale, AZ based AV Homes, Inc. engages in the homebuilding and community development businesses in Florida, the Carolinas, Arizona, and Texas markets. On June 7, 2018, Taylor Morrison Home Corporation (NYSE: TMHC) and AV Homes, Inc. (NASDAQ: AVHI), a developer and builder of residential communities in Florida, the Carolinas, Arizona and Texas, today announced that they have entered into a definitive agreement pursuant to which Taylor Morrison will acquire all of the outstanding shares of AV Homes common stock at $21.50 per share in a cash and stock transaction valued (including outstanding AV Homes debt) at approximately $963 million.
However, plaintiff claims that the proposed consideration NASDAQ: AVHI shareholders will receive is grossly inadequate and undervalues AV Homes, Inc. AV Homes, Inc. reported that its annual Total Revenue rose from $779.30 million in 2016 to $843.25 million in 2017.
In addition, the plaintiff alleges that the process is also unfair NASDAQ: AVHI stockholders. Indeed, TPG Capital, the holder of approximately 40% of AV Homes common stock, has already agreed to vote all of its shares of AV Homes common stock in favor of the transaction.
Those who are current investors in AV Homes, Inc. (NASDAQ: AVHI) shares have certain options and should contact the Shareholders Foundation.
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