The Shareholders Foundation announces that an investor who currently holds shares of ATMI Inc (NASDAQ:ATMI) filed a lawsuit in effort to halt the proposed takeover of ATMI Inc by Entegris, Inc for $34.00 per share.
Investors who purchased shares of ATMI Inc (NASDAQ:ATMI) and currently hold any of those NASDAQ:ATMI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ATMI stockholders arising out of the attempt to sell ATMI Inc too cheaply via an unfair process to Entegris, Inc.
On February 4, 2014, Entegris, Inc.(Nasdaq:ENTG) and ATMI Inc (Nasdaq:ATMI) announced that the Boards of Directors of both companies have approved a merger agreement under which Entegris will acquire ATMI for a total equity value of approximately $1.15 billion on a fully-diluted basis, or approximately $850 million net of cash acquired, including the net cash proceeds from the sale of ATMI’s LifeSciences business of $170 million. Under the terms of the merger agreement, ATMI shareholders will receive $34.00 in cash, without interest or dividends, for each share of ATMI common stock they hold at the time of closing.
However, the plaintiff alleges that the $34-offer is too low and undervalues ATMI Inc. Indeed, at least one analyst has set the high target price for NASDAQ:ATMI shares at $36.00 per share. Furthermore, ATMI Inc reported that its annual Total Revenue rose from $390.09 million in 2011 to $407.43 million in 2012 and that its Net Loss of $20.02 million in 2011 turned into a Net Income of $42.33 million in 2012. Shares of ATMI Inc (NASDAQ:ATMI) grew from $12.50 per share in August 2010 to as high as $30.60 in late 2013.
On March 21, 2014, NASDAQ:ATMI shares closed at $33.98 per share.
Those who are current investors in ATMI Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com