A lawsuit was filed for investors in NASDAQ:NEWP shares in connection with the proposed takeover was announced and NASDAQ:NEWP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/28/2016 -- A shareholder of Newport Corp filed a lawsuit in effort to halt the proposed takeover of Newport Corp. by MKS Instruments, Inc for $23.00 per share.
Investors who purchased shares of Newport Corp (NASDAQ:NEWP) and currently hold any of those NASDAQ:NEWP shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:NEWP stockholders by agreeing to sell Newport Corp too cheaply via an unfair process to MKS Instruments, Inc
On February 23, 2016, MKS Instruments, Inc. (NASDAQ: MKSI) and Newport Corp (NASDAQ:NEWP) announced that they have entered into an agreement for MKS Instruments to acquire Newport Corp (NASDAQ:NEWP) for $23.00 per share.
However, plaintiff claims that the proposed consideration NASDAQ:NEWP shareholders will receive is grossly inadequate and undervalues Newport Corp. Indeed, Newport Corp reported that its Total Revenue rose from $560.05 million for the 12 months period that ended on December 28, 2013 to $605.15 million for the 12 months period that ended on January 3, 2015 and that its respective Net Income grew from $15.60 million to $35.06 million. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:NEWP stockholders.
On March 24, 2016, NASDAQ:NEWP shares closed at $22.96 per share
Those who are current investors in Newport Corp (NASDAQ:NEWP) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego