An investigation on behalf of investors of Planet Payment Inc (NASDAQ:PLPM) in connection with the proposed takeover was announced.
San Diego, CA -- (SBWIRE) -- 10/31/2017 -- An investigation was announced for investors in NASDAQ:PLPM shares concerning whether the takeover of Planet Payment Inc. by Fintrax Group is unfair.
Investors who purchased shares of Planet Payment Inc (NASDAQ:PLPM) should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Planet Payment Inc breached their fiduciary duties owed to NASDAQ:PLPM investors in connection with the proposed acquisition.
On Oct. 26, 2017, Fintrax Group and Planet Payment, Inc. (NASDAQ:PLPM) announced that they have entered into an agreement under which Fintrax will acquire Planet Payment for $4.50 per share in cash.
However, given that at least one analyst has set the high target price for NASDAQ:PLPM shares at $5.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:PLPM stockholders. In addition, given that in connection with the execution of the agreement, Planet Payment's directors and executive officers and certain shareholders, representing an aggregate of approximately 28% of the company's outstanding shares and derivative securities, have already entered into support agreements with Fintrax pursuant to which they have agreed to tender, the investigation concerns whether the Planet Payment 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.
On October 30, 2017, NASDAQ:PLPM shares closed at $4.47 per share.
Those who are current investors in Planet Payment Inc (NASDAQ:PLPM) 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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