Robbins Arroyo LLP: Acquisition of Ingram Micro Inc. (IM) by Tianjin Tianhai Investment Company, Ltd. May Not Be in Sharehold...
February 18 2016 - 2:53PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Ingram Micro Inc. (NYSE:
IM) by Tianjin Tianhai Investment Company, Ltd. (Private). On
February 17, 2016, the two companies announced the signing of a
definitive merger agreement pursuant to which Tianjin Tianhai will
acquire Ingram Micro. Under the terms of the agreement, Ingram
Micro shareholders will receive $38.90 in cash for each share of
Ingram Micro common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/ingram-micro-inc
Is the Proposed Acquisition Best for Ingram Micro and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the Board
of Directors at Ingram Micro is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
On October 29, 2015, Ingram Micro reported strong earnings
results for its third quarter 2016. Non-GAAP operating income of
$169 million was up 5% in U.S. dollars over last year. Ingram Micro
grew its Cloud business by more than 100% year-over-year on a
constant currency basis in the 2015 third quarter, benefiting from
the continued global expansion of its cloud marketplace. The
company has recently expanded into India, Singapore, and Malaysia
and Ingram Micro's automated Cloud Marketplace is now available for
vendor partners and customers in 16 countries worldwide. Ingram
Micro beat consensus analyst estimates for EPS Adjusted and Net
Income Adjusted in two out of the last four quarters. In commenting
on these results, Ingram Micro Chief Executive Officer Alain Monie
remarked, "We had a great quarter, reflecting continued execution
on our strategy. We drove strong operating leverage while
continuing to build our capabilities in key strategic areas such as
advanced solutions, lifecycle services, commerce and fulfillment
solutions and cloud. Our teams remained focused on generating
strong returns on capital, which resulted in expanded margins, with
non-GAAP operating margin reaching the highest level for a third
quarter in more than a decade, a 21% increase in non-GAAP earnings
per share on a currency neutral basis versus last year and $340
million in operating cash flow for the quarter. Our focus on
structurally improving our cash conversion cycle is yielding
results and we now expect to generate more than $1 billion in
operating cash flow for the full year, even as we deploy capital to
support revenue growth in our seasonally strongest fourth
quarter."
In light of these facts, Robbins Arroyo LLP is examining Ingram
Micro's Board of Directors' decision to sell the company now rather
than allow shareholders to continue to participate in the company's
continued success and future growth prospects.
Ingram Micro 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.
Ingram Micro 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160218006497/en/
Robbins Arroyo LLPDarnell R. Donahue(619) 525-3990 or Toll Free
(800) 350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
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