A lawsuit was filed by an investor in shares of Covidien plc (NYSE:COV) in effort to stop the proposed takeover and NYSE:COV stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/16/2014 -- An investor, who currently holds shares of Covidien plc (NYSE:COV) filed a lawsuit in effort to halt the proposed takeover of Covidien plc by Medtronic at a value of $93.22 per share.
Investors who purchased shares of Covidien plc (NYSE:COV) and currently hold any of those (NYSE:COV 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 NYSE:COV stockholders by agreeing to sell Covidien plc too cheaply via an unfair process to Medtronic.
Under the terms of the proposed takeover, Covidien plc (NYSE:COV) shareholders will receive $35.19 in cash and 0.956 shares of Medtronic for each share of Covidien plc (NYSE:COV) stock they own, representing an approximate value of $93.22 per Covidien share.
The plaintiff claims that the takeover of Covidien plc by Medtronic undervalues Covidien plc. In addition, the plaintiff alleges that the process is also unfair to NYSE:COV stockholders.
Covidien plc reported that its Total Revenue rose from over $9.85 billion for the 52 weeks period that ended on September 28, 2012 to over $10.23 billion for the 52 weeks period that ended on September 27, 2013.
Shares of Covidien plc (NYSE:COV) grew from $42.87 per share in November 2011 to as high as $73.60 per share in June 2014.
On July 14, 2014, NYSE:COV shares closed at $91.12 per share.
Those who are current investors in Covidien plc (NYSE:COV) 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