An investigation on behalf of investors of Planar Systems, Inc. (NASDAQ:PLNR) in connection with the proposed takeover was announced and NASDAQ:PLNR stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/31/2015 -- The takeover of Planar Systems, Inc faces an investigation over potential wrongdoing. The investigation on behalf of investors, who currently hold shares of Planar Systems, Inc. (NASDAQ:PLNR), was announced concerning whether the takeover of Planar Systems, Inc. by Leyard Optoelectronic Co., Ltd for $6.58 per share is unfair to NASDAQ:PLNR stockholders.
Investors who purchased shares of Planar Systems, Inc. (NASDAQ:PLNR) and currently hold any of those NASDAQ:PLNR shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call 858-779-1554.
The investigation by a law firm concerns whether certain officers and directors of Planar Systems, Inc. breached their fiduciary duties owed to NASDAQ:PLNR investors in connection with the proposed acquisition.
On August 12, 2015 Leyard Optoelectronic Co., Ltd. and Planar Systems, Inc. (NASDAQ:PLNR) announced that they have entered into a merger agreement, pursuant to which a U.S. affiliate of Leyard Optoelectronic Co., Ltd will acquire all of the common stock of Planar Systems, Inc. (NASDAQ:PLNR) for a purchase price of $6.58 per share.
However, given that at least one analyst has set the high target price for NASDAQ:PLNR shares at $7.50 per share and give that NASDAQ:PLNR shares traded in early 2015 as high as $8.36 per share, the investigation concerns whether the offer is unfair to (NASDAQ:PLNR) stockholders. More specifically, the investigation concerns whether the Planar 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 August 27, 2015, NASDAQ:PLNR shares closed at $5.78 per share.
Those who are current investors in Planar Systems, Inc. (NASDAQ:PLNR) 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