An investigation for investors in ITC Holdings Corp. (NYSE:ITC), was announced concerning the takeover of ITC Holdings Corp. by Fortis Inc for a value of approximately $53.69 per share.
Investors who purchased shares of ITC Holdings Corp. (NYSE:ITC) and currently hold any of those NYSE:ITC 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 ITC Holdings Corp. breached their fiduciary duties owed to NYSE:ITC investors in connection with the proposed acquisition.
On February 9, 2016, Fortis Inc. and ITC Holdings Corp. announced that they have entered into an agreement and plan of merger pursuant to which Fortis will acquire ITC Holdings Corp in a transaction valued at approximately US$11.3 billion. Under the terms of the transaction ITC Holdings Corp shareholders will receive US$22.57 in cash and 0.7520 Fortis shares per ITC share or approximately $53.69 per share based on the closing price of Fortis Inc shares on February 8, 2016.
However, the investigation concerns whether the offer is unfair to NYSE:ITC stockholders. More specifically, the investigation concerns whether the ITC Holdings 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 February 17, 2016, NYSE:ITC shares closed at $4068 per share.
Those who are current investors in ITC Holdings Corp. (NYSE:ITC) 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