An investigation on behalf of investors of PSS World Medical, Inc. (NASDAQ:PSSI) in connection with the proposed takeover was announced and NASDAQ:PSSI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/29/2012 -- An investigation on behalf of investors PSS World Medical, Inc. (NASDAQ:PSSI) shares was announced concerning whether the offer by McKesson Corporation to acquire PSS World Medical, Inc. for $29.00 per NASDAQ:PSSI share and the takeover process are unfair to investors in NASDAQ:PSSI shares.
Investors who purchased shares of the PSS World Medical, Inc. (NASDAQ:PSSI) prior to October 25, 2012, and currently hold any of those NASDAQ:PSSI 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 certain officers and directors of PSS World Medical, Inc. breached their fiduciary duties owed to NASDAQ:PSSI investors in connection with the proposed acquisition.
On October 25, 2012 McKesson Corporation (NYSE: MCK) and PSS World Medical, Inc. (NASDAQ: PSSI), announced that the two companies have signed an agreement under which McKesson will acquire all outstanding shares of PSS World Medical for $29.00 per share in cash.
The total transaction, including the assumption of PSS World Medical's outstanding debt, is valued at approximately $2.1 billion.
However, PSS World Medical’s financial performance improved over the past years. In fact, PSS World Medical, Inc. (NASDAQ:PSSI) reported that its Total Revenue rose from over $1.95 billion for the 52 week period that ended on March 27, 2009 to over $2.1 billion for the 52 week period that ended on March 30, 2012, and that its Net Income over the respective time periods increased from $51.49 million to $74.32 million. Furthermore, shares of PSS World Medical, Inc. (NASDAQ:PSSI) grew at an exceptional growth rate. NASDAQ:PSSI shares grew from as low as $13.66 per share in March 2009 to as high as $29.00 per share in May 2011.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:PSSI stockholders. Specifically, the investigation focuses on whether the PSS World Medical Board of Directors undertakes an adequate sales process, adequately shops the company before entering into the transaction, maximizes shareholder value by negotiating the best price, and acts in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in PSS World Medical, Inc. (NASDAQ:PSSI) and purchased their NASDAQ:PSSI shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com