An investor in NASDAQ:NEWP shares filed a lawsuit against the proposed takeover of Newport Corp. by MKS Instruments, Inc for $23.00 per share.
Investors who purchased shares of Newport Corp (NASDAQ:NEWP) and currently hold any of those NASDAQ:NEWP 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:NEWP stockholders by agreeing to sell Newport Corp too cheaply via an unfair process to MKS Instruments, Inc
On February 23, 2016, MKS Instruments, Inc. and Newport Corp announced that they have entered into an agreement for MKS Instruments to acquire Newport Corp for $23.00 per share.
However, plaintiff claims that the proposed consideration NASDAQ:NEWP shareholders will receive is grossly inadequate and undervalues Newport Corp. Indeed, Newport Corp reported that its Total Revenue rose from $560.05 million for the 12 months period that ended on December 28, 2013 to $605.15 million for the 12 months period that ended on January 3, 2015 and that its respective Net Income grew from $15.60 million to $35.06 million. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:NEWP stockholders.
On March 22, 2016, NASDAQ:NEWP shares closed at $22.90 per share
Those who are current investors in NASDAQ:NEWP 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