A lawsuit was filed for current investors of PSS World Medical, Inc. (NASDAQ:PSSI) in effort to stop the proposed takeover and NASDAQ:PSSI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/08/2013 -- An investor in shares of PSS World Medical, Inc. (NASDAQ:PSSI) shares filed a lawsuit in effort to halt the proposed takeover of PSS World Medical, Inc. by McKesson Corporation at $29.00 per NASDAQ:PSSI share.
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 plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PSSI investors arising out of the attempt to sell the company too cheaply via an unfair process.
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, the plaintiff claims that the $29-offer is too low and unfair to NASDAQ:PSSI stockholders. In fact, 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.
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.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com