A lawsuit was filed for investors in shares of TICC Capital Corp. (NASDAQ:TICC) in connection with the proposed takeover was announced and NASDAQ:TICC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/02/2015 -- An investor who currently holds shares of TICC Capital Corp. (NASDAQ:TICC), filed a lawsuit against the buyout of TICC Capital Corp. by TPG Specialty Lending, Inc. for $7.50 per share.
Investors who purchased shares of TICC Capital Corp. (NASDAQ:TICC) and currently hold any of those NASDAQ:TICC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:TICC stockholders by agreeing to sell TICC Capital Corp. too cheaply via an unfair process to TPG Specialty Lending, Inc.
On September 16, 2015, TPG Specialty Lending, Inc. (NYSE: TSLX) announced that it has made a proposal to acquire TICC Capital Corp. (NASDAQ:TICC) in a stock-for-stock transaction. Under the terms of the non-binding proposal delivered to the Special Committee of TICC Capital Corp's Board of Directors on September 10, 2015, TICC Capital Corp. (NASDAQ:TICC) stockholders would receive a number of shares of TPG Specialty Lending, Inc. (NYSE: TSLX) common stock that results in TICC Capital Corp. (NASDAQ:TICC) stockholders receiving $7.50 in value per share as of the signing date of a definitive agreement.
However, the plaintiff claims that the proposed consideration NASDAQ:TICC shareholders will receive is grossly inadequate and undervalues TICC Capital Corp. Indeed, at least one analyst has set the high target price for NASDAQ:TICC shares at $9.00 per share. TICC Capital Corp. reported that its annual Total Revenue rose from $45.19 million in 2011 to $117.32 million in 2014.Shares of TICC Capital Corp. (NASDAQ:TICC) reached as high as $10.81 per share in late 2013.
On December 1, 2015, NASDAQ:TICC shares closed at $6.96 per share.
Those who are current investors in TICC Capital Corp. (NASDAQ:TICC) 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