An investigation on behalf of investors of Key Technology, Inc. (NASDAQ:KTEC) in connection with the proposed takeover was announced and NASDAQ:KTEC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/05/2018 -- The takeover of Key Technology, Inc. is under investigation over possible wrongdoing. The investigation was announced for investors, who currently hold NASDAQ:KTEC shares, concerning whether the takeover of Key Technology, Inc.. by Duravant LLC for $26.75 per share is unfair to NASDAQ:KTEC stockholders.
Investors who purchased shares of Key Technology, Inc. (NASDAQ:KTEC) and currently hold any of those NASDAQ:KTEC 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 Key Technology, Inc breached their fiduciary duties owed to NASDAQ:KTEC investors in connection with the proposed acquisition.
On January 25, 2018 – Duravant LLC announced that it has entered into an agreement to acquire Key Technology, Inc. (NASDAQ: KTEC). Under the terms of the agreement, Duravant will commence a tender offer to acquire all of the outstanding shares of Key Technology, Inc. (NASDAQ:KTEC) common stock for $26.75 in cash, in a transaction valued at approximately $175 million.
However, the investigation concerns whether the offer is unfair to NASDAQ:KTEC stockholders. More specifically, the investigation concerns whether the Key Technology 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.
Key Technology, Inc. reported that its Total Revenue rose from $120.04 million for the 12 months period that ended on September 30, 2016 to $139.91 million for the 12 months period that e ended on September 30, 2017 and that its Net Loss of $0.70 million turned into a Net Income of $4.03 million over those respective time periods.
On February 2, 2018, NASDAQ:KTEC shares closed at $26.57 per share.
Those who are current investors in Key Technology, Inc. (NASDAQ:KTEC) 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