A lawsuit was filed for investors in shares of Pivotal Software, Inc. (NYSE: PVTL) in connection with the proposed takeover.
San Diego, CA -- (SBWIRE) -- 11/08/2019 -- The Shareholders Foundation announced that an investor, who currently holds shares of Pivotal Software, Inc. (NYSE: PVTL), filed a lawsuit against the takeover of Pivotal Software, Inc. (NYSE: PVTL).
Investors who purchased shares of Pivotal Software, Inc. (NYSE: PVTL) and currently hold any of those Pivotal Software, Inc. (NYSE: PVTL shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: PVTL stockholders by agreeing to sell Pivotal Software, Inc. cheaply via an unfair process.
On Aug. 22, 2019, VMware, Inc. (NYSE: VMW) and Pivotal Software, Inc. (NYSE: PVTL) announced that the companies have entered into an agreement under which VMware will acquire Pivotal for a blended price per share of $11.71 , comprised of $15 per share in cash to Class A stockholders, and the exchange of shares of VMware's Class B common stock for shares of Pivotal Class B common stock held by Dell Technologies , at an exchange ratio of 0.0550 shares of VMware Class B stock for each share of Pivotal Class B stock. In total, the merger consideration represents an enterprise value for Pivotal of $2.7 billion.
However, plaintiff claims that the proposed consideration NYSE: PVTL shareholders will receive is grossly inadequate and undervalues Pivotal Software, Inc. In addition, the plaintiff alleges that the process is also unfair NYSE: PVTL stockholders.
Those who are current investors in Pivotal Software, Inc. (NYSE: PVTL) shares have certain options and should contact the Shareholders Foundation.
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