Tii Network Technologies, Inc. Buyout Investigated by the Securities Attorneys at The Briscoe Law Firm and Powers Taylor, LLP
14 Mai 2012 - 6:54PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Tii Network Technologies, Inc.
(“Tii Network” or “Tiii”) (NASDAQ: TIII) to Kelta, Inc. for
shareholders. Under the proposed buyout, Tii Network shareholders
will receive only $2.15 in cash for each share of Tiii stock owned,
well below the 52 week high of $2.93 per share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
Under the definitive merger agreement, Kelta, Inc. will acquire
Tii Network through a cash tender offer valued at approximately
$33.1 million and is expected to close in the third quarter of
2012.
The investigation centers on whether Tii Network shareholders
are receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Tiii’s stock, and whether
Tiii’s board attempted to obtain the highest share price for all
shareholders prior to agreeing to the deal. Although the proposed
acquisition price represents a premium over the closing price of
Tiii’s shares the day before the merger announcement, it is still
well below the 52 week high of $2.93 per share. Based on the lack
of a significant premium to Tii Network shareholders, and other
factors, the firms are investigating whether the buyout price is
fair to Tiii shareholders. Our proposed shareholder lawsuit seeks
to obtain additional value for shareholders than what is proposed
in the current buyout offer.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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