A lawsuit was filed for investors in shares of Power One Inc (NASDAQ:PWER) in effort to block the proposed takeover and NASDAQ:PWER stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/29/2013 -- An investor, who holds NASDAQ:PWER shares, filed a lawsuit in effort to stop the proposed takeover of Power One Inc (NASDAQ:PWER) by ABB for $6.35 per NASDAQ:PWER share.
Investors who purchased shares of Power One Inc (NASDAQ:PWER) prior to April 22, 2013, and currently hold any of those NASDAQ:PWER shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants breached their fiduciary duties owed to NASDAQ:PWER stockholders by agreeing to sell the company too cheaply via an unfair process.
On April 22, 2013, ABB (NYSE:ABB) and Power-One, Inc. (NASDAQ:PWER) announced that their boards of directors have agreed to a transaction in which ABB will acquire Power-One for $6.35 per share in cash or $1,028 million equity value.
However, the plaintiff alleges that the $6.35-offer is too low and undervalues the company. Indeed, NASDAQ:PWER shares traded in 2010 as high as $12.43 per share, thus almost twice the current offer. Furthermore, the plaintiff says that the process is also unfair to Power-One investors.
On April 26, 2013, NASDAQ:PWER shares closed at $6.31 per share.
Those who are current investors in Power One Inc (NASDAQ:PWER), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego