An investor in NASDAQ:AMCC shares filed a lawsuit in effort to halt the proposed takeover of Applied Micro Circuits Corporation by MACOM Technology Solutions Holdings, Inc for a value of approximately $8.36 per share.
Investors who purchased shares of Applied Micro Circuits Corporation (NASDAQ:AMCC) and currently hold any of those NASDAQ:AMCC 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:AMCC stockholders by agreeing to sell Applied Micro Circuits Corporation too cheaply via an unfair process to MACOM Technology Solutions Holdings, Inc.
On November 21, 2016, MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) announced it has entered into an agreement to acquire Applied Micro Circuits Corporation (NASDAQ:AMCC) for approximately $8.36 per share, consisting of $3.25 in cash and 0.1089 MACOM shares per share of Applied Micro. Based on MACOM’s closing stock price on November 18, 2016, Applied Micro shareholders would have received compensation valued at approximately $8.36 per share.
However, plaintiff claims that the proposed consideration NASDAQ:AMCC shareholders will receive is grossly inadequate and undervalues Applied Micro Circuits Corporation. In addition, the plaintiff alleges that the process is also unfair NASDAQ:AMCC stockholders.
On January 19, 2017, NASDAQ:AMCC shares closed at $8.40 per share.
Those who are current investors in NASDAQ:AMCC shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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