The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Actuate Corp (NASDAQ:BIRT), was launched concerning whether the takeover of Actuate Corp. by OpenText for $6.60 per share is unfair to NASDAQ:BIRT stockholders.
Investors who purchased shares of Actuate Corp (NASDAQ:BIRT) and currently hold any of those NASDAQ:BIRT shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Actuate Corp breached their fiduciary duties owed to NASDAQ:BIRT investors in connection with the proposed acquisition.
On December 5, 2014, Actuate Corp (NASDAQ:BIRT) announced that it has entered into an agreement to be acquired by OpenText. Under the terms of the merger agreement, an affiliate of OpenText will commence a tender offer to the Actuate stockholders to purchase any and all shares of common stock they hold for $6.60 in cash per share.
However, given that at least one analyst has set the high target price for NASDAQ:BIRT shares at $7.00 per share and that NASDAQ:BIRT shares traded in early 2014 as high as $7.92 per share, the investigation concerns whether the offer is unfair to NASDAQ:BIRT stockholders. More specifically, the investigation concerns whether the Actuate 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.
Shares of Actuate Corp (NASDAQ:BIRT) closed on December 16, 2014, at $6.57 per share.
Those who are current investors in Actuate Corp (NASDAQ:BIRT) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com