An investigation for investors in NYSEMKT:GIG shares was announced over the buyout of Gigpeak Inc., formerly GigOptix, Inc, by Integrated Device Technology, Inc. for $3.08 per share.
Investors who purchased shares of GigPeak Inc (NYSEMKT:GIG) and currently hold any of those NYSEMKT:GIG shares have certain options and should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain GigPeak Inc directors breached their fiduciary duties owed to NYSEMKT:GIG investors in connection with the proposed acquisition.
On February 13, 2017, Integrated Device Technology, Inc. and GigPeak Inc announced that they have signed an agreement for Integrated Device Technology, Inc to acquire GigPeak, Inc., for total cash consideration of $3.08 per share, or approximately $250 million in cash.
However, given that at least one analyst has set the high target price for NYSEMKT: GIG shares at $3.50 per share and given that NYSEMKT: GIG shares traded in 2015 as high as $3.20 per share, the investigation concerns whether the offer is unfair to NYSEMKT:GIG stockholders. More specifically, the investigation concerns whether the GigPeak 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.
GigPeak Inc reported that its annual Total Revenue rose from $32.95 million in 2014 to $58.74 million in 2016 and that its Net Loss of $5.82 million in 2014 turned into a Net Income of $2.23 million n 2016.
On February 24, 2017, NYSEMKT:GIG shares closed at $3.07 per share.
Those who are current investors in NYSEMKT:GIG 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
[email protected]
The post NYSEMKT:GIG Investor News: Investigation of Takeover of GigPeak Inc appeared first on GroundReport.
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