The Shareholders Foundation announces that an investor who currently holds shares of Supertex, Inc. (NASDAQ:SUPX) filed a lawsuit in effort to halt the proposed takeover of Supertex, Inc. by Microchip Technology Incorporated for $33.00 per share.
Investors who purchased shares of Supertex, Inc. (NASDAQ:SUPX) and currently hold any of those NASDAQ:SUPX 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:SUPX stockholders arising out of the attempt to sell Supertex, Inc. too cheaply via an unfair process to Microchip Technology Incorporated
On February 10, 2014, Microchip Technology Incorporated (NASDAQ:MCHP) and Supertex Incorporated (NASDAQ: SUPX) announced that Microchip Technology Incorporated has signed an agreement to acquire Supertex for $33 per share in cash, which represents a total equity value of about $394 million, and a total enterprise value of about $246 million, after excluding Supertex’s cash and investments on its balance sheet of approximately $148 million.
However, the plaintiff alleges that the $33-offer is too low and undervalues Supertex Incorporated. Shares of Supertex, Inc. (NASDAQ:SUPX) grew in the open market to $33.10 on February 24, 2014. In addition, NASDAQ:SUPX shares grew at an exceptional growth rate before the takeover announcement. In fact, shares of Supertex Incorporated grew from $16.61 per share in late 2013 to as high as $26.88 per share in January 2014. The plaintiff claims that Supertex’s board of directors failed to adequately shop Supertex Incorporated and obtain the best possible value for Supertex Incorporated’s shareholders before entering into an agreement with Microchip Technology Incorporated.
On March 24, 2014, NASDAQ:SUPX shares closed at $32.97 per share.
Those who are current investors in Supertex, 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