The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Spansion Inc. (NYSE:CODE), was launched concerning whether the takeover of Spansion Inc. by Cypress Semiconductor Corp is unfair to NYSE:CODE stockholders.
Investors who purchased shares of Spansion Inc. (NYSE:CODE) and currently hold any of those NYSE:CODE shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Spansion Inc. breached their fiduciary duties owed to NYSE:CODE investors in connection with the proposed acquisition.
On December 1, 2014 Cypress Semiconductor Corp. (NASDAQ: CY) and Spansion, Inc. (NYSE: CODE) announced an agreement to merge in an all-stock, tax-free transaction valued at approximately $4 billion. Under the terms of the proposed transaction, Spansion shareholders will receive 2.457 Cypress shares for each Spansion share they own. Based on a closing price of $10.60 per Cypress Semiconductor Corp. (NASDAQ: CY) shares on November 28, 2014, investors in Spansion, Inc. (NYSE: CODE) will receive a value of about $26.04 per NYSE:CODE shares.
However, given that at least one analyst has set the high target price for NYSE:CODE shares at $32.00 per share and that following the takeover news NYSE:CODE shares reached as high as $30.39 per share in the open market on December 5, 2014, the investigation concerns whether the offer is unfair to NYSE:CODE stockholders. More specifically, the investigation concerns whether the Spansion Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders’ best interests in connection with the proposed sale.
Those who are current investors in Spansion Inc. (NYSE:CODE) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego