An investigation for investors in NASDAQ:AFOP shares was announced concerning whether the acquisition of Alliance Fiber Optic Products Inc. by for $18.50 per share is unfair to NASDAQ:AFOP stockholders. On April 7, 2016, Corning Incorporated and Alliance Fiber Optic Products Inc (NASDAQ:AFOP) announced that they have entered into a merger agreement under which Corning will acquire Alliance Fiber Optic Products, Inc.
Investors who purchased shares of Alliance Fiber Optic Products Inc (NASDAQ:AFOP) and currently hold any of those NASDAQ:AFOP 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 Alliance Fiber Optic Products Inc breached their fiduciary duties owed to NASDAQ:AFOP investors in connection with the proposed acquisition.
Under terms of the agreement, Corning will make an all-cash tender offer to acquire all of the outstanding common shares of Alliance Fiber Optic Products Inc (NASDAQ:AFOP) for $18.50 per share, representing a transaction value of approximately $305 million.
However, given that at least one analyst has set the high target price for NASDAQ:AFOP shares at $20.00 per share and that NASDAQ:AFOP shares reached as high as $21.16 per share in the open market in July 2015, the investigation concerns whether the offer is unfair to NASDAQ:AFOP stockholders. More specifically, the investigation concerns whether the Alliance Fiber Optic Products 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.
On April 15, 2016, NASDAQ:AFOP shares closed at $18.51 per share.
Those who are current investors in NASDAQ:AFOP 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