SAN DIEGO, Oct. 16, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who currently holds shares of Active Network Inc (ACTV) filed a lawsuit to halt the proposed takeover of Active Network Inc by Vista Equity Partners for $14.50 per share.
Investors who purchased shares of Active Network Inc (ACTV) prior to Sept. 30, 2013 and currently hold any of those ACTV shares, have certain options and should contact the Shareholders Foundation, Inc. at firstname.lastname@example.org or call +1 (858) 779-1554.
On Sept. 30, 2013, Active Network Inc announced that it has entered into an agreement to be acquired by Vista Equity Partners in an all cash transaction valued at approximately $1.05 billion. Under the terms of the agreement Vista Equity Partners will commence a tender offer to acquire all of the outstanding shares of Active Network's common stock for $14.50 per share in cash.
However, the plaintiff alleges that the defendants breached their fiduciary duties by agreeing to sell Active Network Inc. at an unfair price via an unfair process to Vista Equity Partners. The plaintiff claims that the offer is too low and undervalues the company. In addition, the plaintiff says that the defendants agreed to certain provisions in the merger agreement that deter alternative bids for Active Network Inc.
Those who currently are investors in Active Network Inc (ACTV) shares and purchased any of those ACTV shares prior to the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal 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. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.