SAN DIEGO, Dec. 19, 2019 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP has launched an investigation into
whether the board members of TiVo Corporation (NASDAQ: TIVO)
("TiVo") breached their fiduciary duties in connection with the
proposed sale of the Company to Xperi Corp. ("Xperi").
On December 19, 2019, TiVo
announced that it had signed a definitive merger agreement with
Xperi. Under terms of the merger, TiVo and Xperi shares will be
converted into shares of the new parent company at a fixed exchange
ratio of 0.455 Xperi shares per existing TiVo shares. Based on
Wednesday's stock closing prices, that values TiVo shares at about
$9.53.
TiVo shareholders will be subject to the future price
fluctuation of Xperi's stock price. Following the news, in
pre-market trading on December 19,
2019, Xperi stock was trading down over 11%.
The investigation concerns whether the TiVo board failed to
satisfy its duties to the Company shareholders, including whether
the board adequately pursued alternatives to the acquisition and
whether the board obtained the best price possible for TiVo shares
of common stock. Nationally recognized Johnson Fistel is investigating whether the
proposed deal represents adequate consideration, especially given
analysts' projections for future earnings and revenue growth; also,
one Wall Street analyst has a $25.00
price target on the stock. The 52-week high for TiVo was
$11.78.
If you are a shareholder of TiVo and believe the
proposed buyout price is too low or you're interested in learning
more about the investigation or your legal rights and remedies,
please contact lead analyst Jim
Baker (jimb@johnsonfistel.com) at
619-814-4471. If emailing, please include a
phone number.
Additionally, you can [Click here to join this action].
There is no cost or obligation to you.
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a nationally
recognized shareholder rights law firm with offices in California, New
York, and Georgia. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
https://www.johnsonfistel.com. Attorney advertising. Past results
do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP