An investor in NASDAQ:TUBE shares filed a lawsuit against the acquisition of TubeMogul Inc. by Adobe.
On November 10, 2016, Adobe announced it has entered into an agreement to acquire TubeMogul Inc for approximately $540 million net of debt and cash.
Investors who purchased shares of TubeMogul Inc (NASDAQ:TUBE) and currently hold any of those NASDAQ:TUBE 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:TUBE stockholders by agreeing to sell TubeMogul Inc too cheaply via an unfair process to Adobe
Under the terms of the agreement, Adobe will commence a cash tender offer to acquire all of the outstanding common stock of TubeMogul Inc (NASDAQ:TUBE) for $14 per share.
However, plaintiff claims that the proposed consideration NASDAQ:TUBE shareholders will receive is grossly inadequate and undervalues TubeMogul Inc. Indeed, at least one analyst has set the high target price for NASDAQ:TUBE shares at $17.00 per share. Shares of TubeMogul Inc (NASDAQ:TUBE) reached as high as $22.05 per share in December 2014. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:TUBE stockholders. The plaintiff claims that the defendants agreed to preclusive deal protection devices, such as a strict no solicitation, matching rights, and $21 million termination fee provision, that deter other bidders from making a superior offer for TubeMogul Inc.
On December 19, 2016, NASDAQ:TUBE shares closed at $14.00 per share.
Those who are current investors in NASDAQ:TUBE shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego