San Diego, CA -- (ReleaseWire) -- 01/30/2013 -- An investor in shares of TNS, Inc. (NYSE:TNS) filed a lawsuit in effort to block the proposed buyout of TNS, Inc. by an investor group led by Siris Capital Group at $21.00 per NYSE:TNS share.
Investors who purchased shares of TNS, Inc. (NYSE:TNS) prior to November 8, 2012, and currently hold any of those TNS, Inc. (NYSE:TNS) shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that the defendants breached their fiduciary duties owed NYSE:TNS stockholders by agreeing to sell the company too cheaply.
On December. 11, 2012, TNS, Inc. announced that it has entered into a merger agreement to be acquired by an investor group led by Siris Capital Group in a transaction valued at approximately $862 million. The investor group led by Siris Capital Group will acquire all of the outstanding common shares of TNS, Inc. (NYSE:TNS) for $21.00 per share in cash.TNS, Inc. said the offer represents a premium of approximately 44% over the closing price on December 10, 2012 and 47% over TNS, Inc's volume weighted average share price during the 30 days ended December 10, 2012.
However, so the plaintiff, the $21.00-offer undervalues the company and is unfair to NYSE:TNS stockholders. Indeed at least one analyst has set the high target price for NYSE:TNS shares at $27.50 per share and NYSE:TNS shares traded as recently as April 2012 as high as $22.46 per share, both prices are well above the current offer.
Those who are current investors in TNS, Inc. (NYSE:TNS), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego