A lawsuit was filed by an investor in shares of Measurement Specialties, Inc. (NASDAQ:MEAS) in effort to stop the proposed takeover and NASDAQ:MEAS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/21/2014 -- An investor, who currently holds shares of Measurement Specialties, Inc. (NASDAQ:MEAS) filed a lawsuit in effort to halt the proposed takeover of Measurement Specialties, Inc. by TE Connectivity Ltd at $86 per share.
Investors who purchased shares of Measurement Specialties, Inc. (NASDAQ:MEAS) and currently hold any of those NASDAQ:MEAS 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:MEAS stockholders by agreeing to sell Measurement Specialties, Inc. too cheaply via an unfair process to TE Connectivity Ltd.
On June 18, 2014, TE Connectivity Ltd. announced that it has entered into an agreement to acquire Measurement Specialties, Inc. for $86 cash per share or a total transaction value of approximately $1.7 billion (including assumption of net debt).
However, the plaintiff claims that the takeover of Measurement Specialties, Inc. by TE Connectivity Ltd undervalues Measurement Specialties, Inc. Indeed, NASDAQ:MEAS shares rose after the takeover announcement in the open market to as high as $86.55 per share. Furthermore, Measurement Specialties, Inc. reported that its Total Revenue rose from $274.79 million for the 12 months period that ended on March 31, 2011 to $412.67 million for the 12 months period that ended on March 31, 2014 and that its respective Net Income increased from $28,18 million to $37.76 million. Shares of Measurement Specialties, Inc. (NASDAQ:MEAS) grew from $25.02 per share in September 2011 to as high as $78.90 per share on June 17, 2014.
On July 18, 2014, NASDAQ:MEAS shares closed at $85.62 per share.
Those who are current investors in Measurement Specialties, Inc. (NASDAQ:MEAS) 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