An investigation for investor in NYSE:FLTX shares was announced concerning whether the takeover of FleetMatics Group PLC by Verizon Communications Inc for $60.00 per share is unfair to NYSE:FLTX stockholders.
Investors who purchased shares of FleetMatics Group PLC (NYSE:FLTX) and currently hold any of those NYSE:FLTX 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 FleetMatics Group PLC breached their fiduciary duties owed to NYSE:FLTX investors in connection with the proposed acquisition.
On August 1, 2016, Verizon Communications Inc. and Fleetmatics Group PLC (NYSE: FLTX) announced they have entered into an agreement under which Verizon will acquire Fleetmatics for $60.00 per share in cash – representing a value of approximately $2.4 billion.
However, given that at least one analyst has set the high target price for NYSE:FLTX shares at $64.00 per share, the
investigation concerns whether the offer is unfair to NYSE:FLTX stockholders. More specifically, the investigation concerns whether the FleetMatics Group 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.
FleetMatics Group PLC reported that its annual Total Revenue rose from $231.58 million in 2014 to $284.76 million in 2015 and that its Net Income increased from $27.48 million to $38.79 million.
Shares of FleetMatics Group PLC (NYSE:FLTX) closed on August 24, 2016 at $59.89 per share.
Those who are current investors in NYSE:FLTX 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