The Shareholders Foundation announces that an investor in shares of Micrel, Incorporated (NASDAQ:MCRL) filed a lawsuit in effort to stop the proposed takeover of Micrel, Incorporated. by Microchip Technology Incorporated.
Investors who purchased shares of Micrel, Incorporated (NASDAQ:MCRL) and currently hold any of those NASDAQ:MCRL 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 NASDAQ:MCRL stockholders by agreeing to sell Micrel, Incorporated too cheaply via an unfair process to Microchip Technology Incorporated.
On May 7, 2015, Microchip Technology Incorporated (NASDAQ: MCHP) and Micrel, Incorporated (NASDAQ:MCRL) announced that Microchip Technology Incorporated has signed a definitive agreement to acquire Micrel, Incorporated for $14.00 per share. Micrel, Incorporated shareholders may elect to receive the purchase price in either cash or shares of Microchip common stock.
However, the plaintiff claims that the proposed consideration NASDAQ:MCRL shareholders will receive is grossly inadequate and undervalues Micrel, Incorporated. Indeed, at least one analyst has set the high target price for NASDAQ:MCRL shares at $18.00 per share and NASDAQ:MCRL shares traded as recently as March 20, 2015 as high as $15.63 per share.
In addition, the plaintiff claims that the process is also unfair to NASDAQ:MCRL stockholders. Indeed, all of Micrel’s directors and certain executive officers have already signed voting agreements with Microchip Technology Incorporated under which they must vote in favor of the merger.
On May 19, 2015, Micrel, Incorporated (NASDAQ:MCRL) shares closed at $13.90 per share.
Those who are current investors in Micrel, Incorporated (NASDAQ:MCRL) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego