A lawsuit was filed for investors in shares of Engility Holdings, Inc. (NYSE: EGL) in connection with the proposed takeover and NYSE: EGL stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/13/2018 -- The Shareholders Foundation announces that an investor, who currently holds shares of Engility Holdings, Inc. (NYSE: EGL), filed a lawsuit against the takeover of Engility Holdings, Inc.
Investors who purchased shares of Engility Holdings, Inc. (NYSE: EGL) and currently hold any of those NYSE: EGL shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: EGL stockholders by agreeing to sell Engility Holdings, Inc.. cheaply via an unfair process.
Chantilly, VA based Engility Holdings, Inc., together with its subsidiaries, provides a range of technical services to the U.S. Engility Holdings, Inc. reported that its annual Total Revenue declined from over $2.08 billion in 2015 to over $2.07 billion in 2016 and that its Net Loss declined from $235.35 million in 2015 to $10.8 million in 2016.
On September 10, 2018, Science Applications International Corp. (NYSE: SAIC) and Engility Holdings Inc., (NYSE: EGL) announced that they have entered into an agreement under which SAIC will acquire Engility in an all-stock transaction valued at $2.5 billion ($2.25 billion net of the present value of tax assets). Under the terms of the merger agreement, Engility Holdings, Inc. stockholders will receive a fixed exchange ratio of 0.450 shares of SAIC common stock for each share of Engility Holdings, Inc. stock in an all-stock transaction. Based on an SAIC per share closing price of $89.86 on September 7, 2018, the transaction is valued at $40.44 per share of Engility Holdings, Inc. common stock or $2.5 billion in the aggregate, including the repayment of $900 million in Engility's debt.
However, plaintiff claims that the proposed consideration NYSE: EGL shareholders will receive is grossly inadequate and undervalues Engility Holdings, Inc. In addition, the plaintiff alleges that the process is also unfair NYSE: EGL stockholders
Those who are current investors in Engility Holdings, Inc. (NYSE: EGL) shares have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
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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