A lawsuit was filed for investors in shares of EMC Corporation (NYSE:EMC) in connection with the proposed takeover was announced and NYSE:EMC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (ReleaseWire) -- 11/02/2015 -- A shareholder who currently holds shares of EMC Corporation (NYSE:EMC), filed a lawsuit in effort to halt the proposed takeover of EMC Corporation by Dell Inc for a value of approximately $331.5 per share.
Investors who purchased shares of EMC Corporation (NYSE:EMC) and currently hold any of those NYSE:EMC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:EMC stockholders by agreeing to sell EMC Corporation too cheaply via an unfair process to Dell Inc.
On October 12, 2015, Dell Inc. and EMC Corporation (NYSE:EMC) announced they have signed an agreement under which Dell, together with its owners, Michael S. Dell, founder, chairman and chief executive officer of Dell, MSD Partners and Silver Lake, the global leader in technology investing, will acquire EMC Corporation (NYSE:EMC), while maintaining VMware as a publicly-traded company. Under the terms of the agreement, EMC Corporation (NYSE:EMC) shareholders will receive a total combined consideration of approximately $33.15 per NYSE:EMC share and the total transaction would be valued at approximately $67 billion.
However, the investigation concerns whether the offer is unfair to NYSE:EMC stockholders. More specifically, the investigation concerns whether the EMC Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
However, the plaintiff claims that the proposed consideration NYSE:EMC shareholders will receive is grossly inadequate and undervalues EMC Corporation. Indeed, at least one analyst has set the high target price for NYSE:EMC shares at $34.00 per share. Furthermore, EMC Corporation reported that its annual Total Revenue rose from over $20 billion in 2011 to $24.44 billion in 2014. In addition, the plaintiff claims that the process is also unfair to NYSE:EMC stockholders.
On October 30, 2015, NYSE:EMC shares closed at $26.22 per share.
Those who are current investors in EMC Corporation (NYSE:EMC) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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