A lawsuit was filed for investors in shares of Essendant Inc. (NASDAQ: ESND) in connection with the proposed takeover and NASDAQ: ESND stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/08/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Essendant Inc. (NASDAQ: ESND), filed a lawsuit against the takeover of Essendant Inc. (NASDAQ: ESND).
Investors who purchased shares of Essendant Inc. (NASDAQ: ESND) and currently hold any of those NASDAQ: ESND shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: ESND stockholders by agreeing to sell of Essendant Inc. cheaply via an unfair process.
On September 14, 2018, Staples, Inc. and Essendant Inc. (NASDAQ: ESND) announced that they have entered into an agreement under which an affiliate of Staples will acquire all of the outstanding shares of Essendant common stock for $12.80 per share in cash.
On Sept. 24, 2018, Staples, Inc. and Essendant Inc. (NASDAQ: ESND) announced that an affiliate of Staples has commenced the previously announced tender offer for all outstanding shares of Essendant's common stock at a purchase price of $12.80 per share, net to the seller in cash, subject to reduction for any applicable withholding taxes in respect thereof, without interest.
However, plaintiff claims that the proposed consideration NASDAQ: ESND shareholders will receive is grossly inadequate and undervalues Essendant Inc. Indeed, shares of Essendant Inc. (NASDAQ: ESND) reached prior to the takeover announcement as high as $16.63 per share in the open market as recently as July 2018. In addition, the plaintiff alleges that the process is also unfair NASDAQ: ESND stockholders.
Shares of Essendant Inc. (NASDAQ: ESND) closed on October 4, 2018 at $ per share.
Those who are current investors in Essendant Inc. (NASDAQ: ESND) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
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The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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