San Diego, CA -- (ReleaseWire) -- 06/25/2014 -- An investor, who currently holds shares of OpenTable Inc (NASDAQ:OPEN) filed a lawsuit in effort to halt the takeover of OpenTable Inc. by The Priceline Group Inc for $103 per share.
Investors who purchased shares of OpenTable Inc (NASDAQ:OPEN) and currently hold any of those NASDAQ:OPEN shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OPEN stockholders by agreeing to sell OpenTable, Inc too cheaply via an unfair process to The Priceline Group Inc.
On June 13, 2014, The Priceline Group Inc. (NASDAQ: PCLN) and OpenTable, Inc. (NASDAQ: OPEN) announced that they have entered into an agreement whereby The Priceline Group will acquire OpenTable for $103 per share in an all cash transaction valued at $2.6 billion.
However, the plaintiff claims that the offer is too low and undervalues OpenTable, Inc.
OpenTable Inc reported that its annual Total Revenue rose from $98.99 million in 2010 to $190.05 million in 2013 and that its Net Income increased from $14.08 million in 2012 turned to $33.38 million in 2013. Shares of OpenTable Inc grew from $32.39 per share in November 2011 to as high as $86.58 per share in November 2013, respectively $84.22 per share in April 2014.
On June 23, 2014, NASDAQ:OPEN shares closed at $105.04 per share.
Those who are current investors in OpenTable Inc (NASDAQ:OPEN) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego