A lawsuit was filed for investors in shares of West Corp (NASDAQ:WSTC) in connection with the proposed takeover and NASDAQ:WSTC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/10/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of West Corp (NASDAQ:WSTC), filed a lawsuit against the proposed takeover of West Corp by affiliates of certain funds managed by affiliates of Apollo Global Management, LLC at $23.50 per share.
Investors who purchased shares of West Corp (NASDAQ:WSTC) and currently hold any of those NASDAQ:WSTC shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:WSTC stockholders by agreeing to sell West Corp cheaply via an unfair process.
On May 09, 2017, West Corporation (Nasdaq:WSTC) announced it has entered into an agreement with affiliates of certain funds managed by affiliates of Apollo Global Management, LLC (the "Apollo funds") (together with its consolidated subsidiaries, "Apollo"), pursuant to which the Apollo funds will acquire all of the outstanding shares of West common stock for $23.50 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:WSTC shareholders will receive with Starwood Capital Group offer is grossly inadequate and undervalues West Corporation. Indeed, at least one analyst has set the high target price for NASDAQ:WSTC shares at $29.00 per share.
In addition, the plaintiff alleges that the process is also unfair NASDAQ:WSTC stockholders. Indeed, certain West stockholders, including Thomas H. Lee Partners, L.P., Quadrangle Group LLC, Gary L. West and Mary E. West, who in the aggregate beneficially own approximately 45 percent of West's outstanding common stock.
On July 7, 2017, NASDAQ:WSTC shares closed at $per share.
Those who are current investors in West Corp shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego