A lawsuit was filed for investors in shares of HSN, Inc. (NASDAQ:HSNI) in connection with the proposed takeover and NASDAQ:HSNI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/12/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of HSN, Inc. (NASDAQ:HSNI), filed a lawsuit against the proposed takeover of HSN, Inc. by Liberty Interactive Corporation for a value of $40.26 per share.
Investors who purchased shares of HSN, Inc. (NASDAQ:HSNI) and currently hold any of those NASDAQ:HSNI 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 NASDAQ:HSNI stockholders by agreeing to sell HSN, Inc cheaply via an unfair process to Liberty Interactive Corporation.
On, July 6, 2017, Liberty Interactive Corporation and H HSN, Inc. (NASDAQ:HSNI) announced that they have entered into an agreement whereby Liberty Interactive will acquire the 62% of HSN, Inc. (NASDAQ:HSNI) it does not already own in an all-stock transaction. HSN, Inc. (NASDAQ:HSNI) shareholders will receive fixed consideration of 1.65 shares of Series A QVC Group common stock for every share of HSN, Inc. (NASDAQ:HSNI) 2 common stock. Based on the Series A QVC Group common stock's closing price as of July 5, 2017 and the number of HSN, Inc. (NASDAQ:HSNI) undiluted shares outstanding as of May 1, 2017, this equates to a total enterprise value for HSNi of $2.6 billion, an equity value of $2.1 billion, and consideration of $40.36 per HSN, Inc. (NASDAQ:HSNI) share.
However, plaintiff claims that the proposed consideration NASDAQ:HSNI shareholders will receive is grossly inadequate and undervalues HSN, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:HSNI shares at $48.00 per share and NASDAQ:HSNI shares reached in the open market in 2015 as high as $77.44 per share. In addition, the plaintiff alleges that the process is also unfair NASDAQ:HSNI stockholders.
On September 11, 2017, NASDAQ:HSNI shares closed at $37.60 per share.
Those who are current investors in HSN, Inc. (NASDAQ:HSNI) 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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