A lawsuit was filed for investors in shares of Tumi Holdings Inc (NYSE:TUMI) in connection with the proposed takeover was announced and NYSE:TUMI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/05/2016 -- A shareholder of Tumi Holdings Inc (NYSE:TUMI) filed a lawsuit against the takeover of Tumi Holdings Inc. by Samsonite International S.A.
Investors who purchased shares of Tumi Holdings Inc (NYSE:TUMI) and currently hold any of those NYSE:TUMI shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:TUMI stockholders by agreeing to sell Tumi Holdings Inc too cheaply via an unfair process to Samsonite International S.A.
On March 3, 2016, Samsonite International S.A. and Tumi Holdings Inc (NYSE:TUMI) announced that they have entered into an agreement whereby Samsonite will acquire Tumi Holdings Inc (NYSE:TUMI) for US$26.75 per share in an all cash transaction, valuing Tumi Holdings Inc at an equity value of US$1.8 billion.
However, plaintiff claims that the proposed consideration NYSE:TUMI shareholders will receive is grossly inadequate and undervalues Tumi Holdings Inc. Indeed, Tumi Holdings Inc reported that its annual Total Revenue rose from $398.55 million in 2012 to $547.65 million in 2015 and that its respective Net Income increased from $36.78 million in 2012 to $63.01 million in 2015. In addition, the plaintiff alleges that the process is also unfair to Tumi Holdings stockholders
On May 4, 2016, NYSE:TUMI shares closed at $26.68 per share.
Those who are current investors in Tumi Holdings Inc (NYSE:TUMI) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego