An investor, who currently holds NASDAQ:UTEK shares, filed a lawsuit against the acquisition of Ultratech, Inc. by Veeco Instruments Inc. On February 2, 2017, Veeco Instruments Inc. and Ultratech, Inc. announced that they have signed an agreement for Veeco Instruments Inc. to acquire Ultratech, Inc.
Investors who purchased shares of Ultratech, Inc. (NASDAQ:UTEK) and currently hold any of those NASDAQ:UTEK shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:UTEK stockholders by agreeing to sell Ultratech, Inc. too cheaply via an unfair process to Veeco Instruments Inc
Under the terms of the transaction Ultratech, Inc. (NASDAQ:UTEK) shareholders will receive $21.75 per share in cash and 0.2675 of a share of Veeco common stock for each Ultratech common share outstanding. Based on Veeco’s closing stock price on February 1, 2017, the transaction consideration is valued at approximately $28.64 per Ultratech share.
However, plaintiff claims that the proposed consideration NASDAQ:UTEK shareholders will receive is grossly inadequate and undervalues Ultratech, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:UTEK shares at $30.00 per share. Ultratech, Inc. reported that its annual Total Revenue rose from $149.18 million in 2015 to $194.05 million in 2016 and that its Net Loss of $15.13 million in 2015 turned to a Net Income of $11.24 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:UTEK stockholders.
On March 31, 2017, NASDAQ:UTEK shares closed at $29.62 per share.
Those who are current investors in NASDAQ:UTEK shares have certain options and should contact the Shareholders Foundation.
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