NEW YORK, May 3, 2016 /PRNewswire/ -- The fairness of the
proposed acquisition of TiVo Inc. ("TIVO" or the "Company") by Rovi
Corporation ("Rovi") is the subject of an investigation by WeissLaw
LLP. The investigation focuses on possible breaches of fiduciary
duty and other violations of law by the Board of Directors of TIVO
for agreeing to sell the Company to Rovi. On April 29, 2016, TIVO announced it had reached a
definitive agreement for Rovi to acquire all of its outstanding
shares in a transaction valued at approximately $1.1 billion. Under the terms of the agreement,
TIVO shareholders will receive $2.75
in cash, and $7.95 to be paid in
common stock from the newly combined company; representing a total
per share consideration of $10.70.
WeissLaw LLP is investigating whether TIVO' Board acted to
maximize shareholder value prior to entering into the agreement
with Rovi. Notably, at least one analyst set a price target
of $18.00, or $7.30 above the offer price. Additionally,
the Company recently reported a 24% year-over-year increase in
subscriptions, and an 11% year-over-year increase in Services and
Software Technology revenue in the fourth quarter ended
January 31, 2016. Finally, the
acquisition is expected to be immediately accretive to Rovi's Non-
GAAP earnings per share, offering $100
million in cost synergies within the first twelve
months.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell TIVO and whether TIVO shareholders will
obtain their fair proportionate share of the Company's continued
success and future growth prospects. If you own TIVO shares
and would like more information about your rights or our
investigation, please contact Joshua
Rubin either by telephone at (888) 593-4771 or by
email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form on
our website, http://www.weisslawllp.com/contact/report_fraud/.
Attorney Advertising. Past results do not guarantee a
similar outcome.
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SOURCE WeissLaw LLP