A lawsuit was filed for investors in shares of Microsemi Corporation (NASDAQ:MSCC) in connection with the proposed takeover and NASDAQ:MSCC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/02/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Microsemi Corporation (NASDAQ:MSCC), filed a lawsuit against the acquisition of Microsemi Corporation by Microchip Technology Incorporated for $68.78 per share.
Investors who purchased shares of Microsemi Corporation (NASDAQ:MSCC) and currently hold any of those NASDAQ:MSCC 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:MSCC stockholders by agreeing to sell Microsemi Corporation cheaply via an unfair process.
Aliso Viejo, CA based Microsemi Corporation is a designer, manufacturer and marketer of analog and mixed-signal semiconductor solutions differentiated by power, security, reliability and performance.
On March 1, 2018, Microchip Technology Incorporated (NASDAQ: MCHP) and Microsemi Corporation (NASDAQ:MSCC) announced that the two companies have signed an agreement pursuant to which Microchip Technology Incorporated will acquire Microsemi for $68.78 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:MSCC shareholders will receive is grossly inadequate and undervalues Microsemi Corporation. Indeed, at least one analyst has set the high target price for NASDAQ:MSCC shares at $70.00 per share. Microsemi Corporation reported that its Total Revenue rose from over $1.65 billion for the 52 weeks period that ended on October 2, 2016 to over $1.81 billion for the 52 weeks period that ended on October 1, 2017 and that its Net Loss of $32.60 million for the 52 weeks period that ended on October 2, 2016 turned to a Net Income of $176.30 million for the 52 weeks period that ended on October 1, 2017.
In addition, the plaintiff alleges that the process is also unfair NASDAQ:MSCC stockholders. Indeed
Those who are current investors in Microsemi Corporation (NASDAQ:MSCC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego