An investigation on behalf of investors of VeriFone Systems, Inc. (NYSE: PAY) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 04/16/2018 -- An investigation was announced for investors, who currently hold NYSE: PAY shares, concerning whether the takeover of VeriFone Systems, Inc. for $23.04 per share is unfair.
Investors who purchased shares of VeriFone Systems, Inc. (NYSE: PAY) have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain directors of VeriFone Systems, Inc. breached their fiduciary duties owed to NYSE: PAY investors in connection with the proposed acquisition.
On April 9, 2018, Verifone Systems, Inc. (NYSE: PAY) and Francisco Partners announced that they have entered into an agreement under which an investor group led by Francisco Partners and including British Columbia Investment Management Corporation ("BCI") will acquire Verifone for $23.04 per share in cash, representing a total consideration of approximately $3.4 billion, which includes Verifone's net debt. Under the terms of the agreement, Verifone Systems, Inc. (NYSE: PAY) stockholders will receive $23.04 in cash for each share of Verifone common stock held.
However, given that at least one analyst has set the high price target for NYSE:PAY shares at $26.00 per share, the investigation concerns whether the offer is unfair to NYSE: PAY stockholders. More specifically, the investigation concerns whether the VeriFone Systems 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.
On April 13, 2018, NYSE: PAY shares closed at $22.77 per share.
Those who are current investors in VeriFone Systems, Inc. (NYSE: PAY) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego