An investor in NASDAQ:CKEC shares filed a lawsuit in effort to halt the proposed takeover ofColumbus, GA based Carmike Cinemas, Inc. by AMC Theatres for $30.00 per share.
Investors who purchased shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) and currently hold any of those NASDAQ:CKEC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CKEC stockholders by agreeing to sell Carmike Cinemas, Inc too cheaply via an unfair process to AMC Theatres
On March 3, 2016, AMC Theatres (AMC Entertainment Holdings, Inc.) (NYSE: AMC) and Carmike Cinemas, Inc. (NASDAQ:CKEC) announced they have entered into a merger agreement pursuant to which AMC Theatres will acquire all of the outstanding shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) for $30.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:CKEC shareholders will receive is grossly inadequate and undervalues Carmike Cinemas, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:CKEC shares at $36.00 per share and NASDAQ:CKEC shares traded in early 2015 as high as $34.55 per share. Furthermore, Carmike Cinemas, Inc. reported that its annual Total Revenue rose from $533.91 million in 2012 to $804.37 million in 2015. Shares of Carmike Cinemas, Inc. (NASDAQ:CKEC) reached in 2014 as high as $35.91 per share. In addition, the plaintiff alleges that the process is also unfair to Carmike Cinemas, Inc stockholders.
On May 11, 2016, NASDAQ:CKEC shares closed at $29.84 per share.
Those who are current investors in NASDAQ:CKEC 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