An investigation on behalf of investors of Pike Corp (NYSE:PIKE) in connection with the proposed takeover was announced and NYSE:PIKE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/12/2014 -- An investigation on behalf of investors, who currently hold shares of Pike Corp (NYSE:PIKE), was announced concerning whether the takeover of Pike Corp for $12.00 per share is unfair to NYSE:PIKE stockholders.
Investors who purchased shares of Pike Corp (NYSE:PIKE) and currently hold any of those NYSE:PIKE shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Pike Corp breached their fiduciary duties owed to NYSE:PIKE investors in connection with the proposed acquisition.
On August 4, 2014, Pike Corp (NYSE:PIKE) announced that it has signed a merger agreement under which investment firm Court Square Capital Partners in partnership with J. Eric Pike, the Company's Chairman and Chief Executive Officer, will acquire Pike Corp (NYSE:PIKE) in a transaction in which each of the Company's shareholders will receive $12.00 in cash, without interest and less any applicable withholding taxes, for each share of the Company's common stock they hold.
However, the investigation concerns whether the offer is unfair to NYSE:PIKE stockholders. More specifically, the investigation concerns whether the Pike Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Pike Corp reported that its Total Revenue rose from $504.08 million for the 12 months period that ended on June 30, 2010 to $918.69 million for the 12 months period that ended on June 30, 2013 and that its Net Loss of $13.46 million for the 12 months period that ended on June 30, 2010 turned into a Net Income of $36.19 million for the 12 months period that ended on June 30, 2013.
Shares of Pike Corp (NYSE:PIKE) reached during May 2013 $15.68 per share.
On August 8, 2014, NYSE:PIKE shares closed at $11.84 per share.
Those who are current investors in Pike Corp (NYSE:PIKE) 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