An investor in NYSE:EVDY shares filed a lawsuit in effort to halt the proposed takeover of Everyday Health Inc. by f Davis, LLC, which comprises the Digital Media Division of j2 Global, Inc. for $10.50 per share.
Investors who purchased shares of Everyday Health Inc (NYSE:EVDY) and currently hold any of those NYSE:EVDY shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:EVDY stockholders by agreeing to sell Everyday Health Inc too cheaply via an unfair process to Ziff Davis, LLC, which comprises the Digital Media Division of j2 Global, Inc (NASDAQGS: JCOM)
On October 21, 2016, Everyday Health Inc (NYSE:EVDY) announced that it has entered into a merger agreement with Ziff Davis, LLC. Under the terms of the agreement, Ziff Davis will acquire Everyday Health Inc (NYSE:EVDY) for $10.50 per share in cash, representing an approximate enterprise value of $465 million.
However, plaintiff claims that the proposed consideration NYSE:EVDY shareholders will receive is grossly inadequate and undervalues Everyday Health Inc. Indeed, at least one analyst has set the high target price for NYSE:EVDY shares at $17.00 per share and shares of Everyday Health Inc (NYSE:EVDY) reached as high as $18.94 per share in July 2014. In addition, the plaintiff alleges that the process is also unfair to NYSE:EVDY stockholders.
Those who are current investors in NYSE:EVDY shares have certain options and should contact the Shareholders Foundation.
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