An investor in NASDAQ:OUTR shares filed a lawsuit in effort to halt the proposed takeover of Outerwall Inc. for $52.00 per share.
Investors who purchased shares of Outerwall Inc (NASDAQ:OUTR) and currently hold any of those NASDAQ:OUTR 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:OUTR stockholders by agreeing to sell Outerwall Inc. too cheaply via an unfair process to Apollo Global Management, LLC
On July 25, 2016, Outerwall Inc (NASDAQ:OUTR) announced that it has entered into an Agreement and Plan of Merger with affiliates of certain funds managed by affiliates of Apollo Global Management, LLC pursuant to which the Apollo Funds will acquire all of the outstanding shares of Outerwall Inc (NASDAQ:OUTR) common stock for $52.00 per share in cash.
However, plaintiff claims that the proposed consideration NASDAQ:OUTR shareholders will receive is grossly inadequate and undervalues Outerwall Inc. Indeed, at least one analyst has set the high target price for NASDAQ:OUTR shares at $58.00 per share and shares of Outerwall Inc reached as high as $83.89 per share in July 2015. In addition, the plaintiff alleges that the process is also unfair to Outerwall Inc. stockholder.
On August 31, 2016, NASDAQ:OUTR shares closed at $51.96 per share.
Those who purchased NASDAQ:OUTR 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