An investigation on behalf of investors of PLX Technology, Inc. (NASDAQ:PLXT) in connection with the takeover was announced and NASDAQ:PLXT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/02/2012 -- An investigation on behalf of investors in NASDAQ:PLXT shares was announced concerning whether the offer by Integrated Device Technology to acquire PLX Technology, Inc. at a value of approximately $7.00 per share and the takeover process are unfair to investors in NASDAQ:PLXT shares.
Investors who purchased shares of PLX Technology, Inc. (NASDAQ:PLXT) prior to May 1, 2012 and currently hold any of those NASDAQ:PLXT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether whether certain officers and directors of PLX Technology, Inc. breached their fiduciary duties owed to NASDAQ:PLXT investors in connection with the proposed acquisition.
On Monday, April 30, 2012, Integrated Device Technology, Inc. (NASDAQ: IDTI) and PLX Technology, Inc. (NASDAQ: PLXT) announced that they have signed an agreement pursuant to which Integrated Device Technology will acquire PLX Technology. Under the terms of the proposed transaction, Integrated Device Technology will acquire all of the outstanding shares of PLX Technology common stock pursuant to an exchange offer, followed by a second step merger.
In the acquisition, PLX Technology stockholders will receive $3.50 in cash and 0.525 shares of IDT common stock for each PLX common share outstanding. Based on IDT's closing stock price on April 27, 2012, the transaction is valued at approximately $7.00 per PLX share and results in a total transaction value of approximately $330 million.
Following the takeover news shares of PLX Technology, Inc. (NASDAQ:PLXT) jumped from $3.98 per share on Monday to $6.68 per share on Tuesday, May 1, 2012.
However, PLX Technology’s financial performance improved in recent years. Its annual Revenue rose from $81.07million in 2008 to $115.79million in 2011.
Therefore the investigation for NASDAQ:PLXT investors concerns whether the proposed transaction is unfair to PLX Technology stockholders. Specifically, the investigation focuses on whether the PLX Technology 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.
Those who are current investors in PLX Technology, Inc. (NASDAQ:PLXT) and purchased their PLX Technology shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego