NEW YORK, Dec. 14, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Intralinks Holdings,
Inc. ("IL" or the "Company") in connection with the December 6, 2016 proposed acquisition of the
Company by Synchronoss Technologies, Inc. ("Synchronoss").
Under the terms of the agreement, the Company's shareholders
will receive $13.00 in cash for each
IL share they own.
WeissLaw is investigating whether IL's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, at least one analyst set a target price of $15.00, or $2.00
above the offer price. Further, on the same day as the
announcement, Chicago-based
investment firm Vital Capital Partners published a letter addressed
to IL's Board of Directors expressing their concerns over the
transaction. Among them, they cited:
- A lack of effort by the Board and management to find a superior
offer;
- A low per share offer, which they describe as "sub-optimal,"
and "inadequate"; and
- The "very low multiple" of ~2.6x enterprise value to sales, and
~12x enterprise value to EBITDA, based on 2017's expected metrics,
offered by Synchronoss.
Finally, upon completion of the transaction, Synchronoss'
enterprise business is expected to grow to approximately 40% of its
total revenue.
Given these facts, WeissLaw is investigating whether IL's Board
acted in the best interests of IL's public shareholders to maximize
shareholder value prior to entering into the agreement. If
you own IL shares and would like more information about your rights
or our investigation, or if you have information to share with us,
please contact Joshua Rubin 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/intralinks-holdings-inc/
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/intralinks-holdings-inc-acquisition-may-not-be-in-the-best-interests-of-il-shareholders-300378596.html
SOURCE WeissLaw LLP