A lawsuit was filed for investors in shares of Versum Materials, Inc. (NYSE: VSM) in connection with the proposed takeover and NYSE: VSM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/11/2019 -- The Shareholders Foundation announces that an investor, who currently holds shares of Versum Materials, Inc. (NYSE: VSM), filed a lawsuit against the takeover of Versum Materials, Inc.
Investors who purchased shares of Versum Materials, Inc. (NYSE: VSM) and currently hold any of those NYSE: VSM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: VSM stockholders by agreeing to sell Versum Materials, Inc.. cheaply via an unfair process. The plaintiff says that while touting the fairness of the merger Consideration to the Company's shareholders, the defendants have failed to disclose certain material information that is necessary for shareholders to properly assess the fairness of the proposed merger, thereby violating SEC rules and regulations and rendering certain statements materially incomplete and misleading.
Tempe, AZ based Versum Materials, Inc. develops, manufactures, transports, and handles specialty materials for the semiconductor and display industries in the United States, Taiwan, South Korea, China, Europe, and rest of Asia. On January 28, 2019, Entegris, Inc. (NASDAQ:ENTG) and Versum Materials, Inc. (NYSE:VSM) announced that they have agreed to combine in a merger of equals. Under the terms of the agreement, Versum Materials stockholders will receive 1.120 shares of Entegris for each existing Versum Materials share, or a value of approximately $35.08 per NYSE: VSM share.
However, plaintiff claims that the proposed consideration NYSE: VSM shareholders will receive is grossly inadequate and undervalues Versum Materials, Inc. Indeed, at least one analyst has set the high target price for NYSE: VSM shares at $47.00 per share and NYSE: VSM shares trade in the open market in October 2018 as high as $42.50 per share. Versum Materials, Inc. reported that its Total Revenue rose from over $1.12 billion for the 12 months period that ended on September 30, 2017 to over $1.37 billion for the 12 months period that ended on September 30, 2018 and that its Net Income over those respective time periods increased from over $193.30 million to $197.50 million. In addition, the plaintiff alleges that the process is also unfair NYSE: VSM stockholders.
Those who are current investors in Versum Materials, Inc. (NYSE: VSM) 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
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.