Robbins Arroyo LLP: Acquisition of Silicon Graphics International Corp. (SGI) by Hewlett Packard Enterprise Company (HPE) May...
August 12 2016 - 3:04PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Silicon Graphics
International Corp. (NASDAQ: SGI) by Hewlett Packard Enterprise
Company (NYSE: HPE). On August 11, 2016, the two companies
announced the signing of a definitive merger agreement pursuant to
which Hewlett Packard will acquire Silicon Graphics. Under the
terms of the agreement, Silicon Graphics shareholders will receive
$7.75 for each share of Silicon Graphics common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/silicon-graphics-international-corp
Is the Proposed Acquisition Best for Silicon Graphics and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Silicon Graphics is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $7.75 merger consideration represents
a premium of only 40.90% based on Silicon Graphics' closing price
on August 10, 2016. This premium is significantly below the average
one day premium of nearly 97.54% for comparable transactions within
the past three years. Further, the $7.75 merger consideration is
significantly below the target price of $8.50 set by an analyst at
D.A. Davidson & Co. on April 28, 2016. In the last three years,
Silicon Graphics traded as high as $16.60 on October 10, 2013, and
most recently traded above the merger consideration – at $7.79 – on
January 27, 2016.
Silicon Graphics shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Silicon Graphics shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160812005726/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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