SOURCE: Shareholders Foundation
SAN DIEGO, CA--(Marketwire - Jan 2, 2013) - The Shareholders Foundation, Inc. announces that an investor in NYSE Euronext (NYX) shares filed a lawsuit to stop the proposed takeover of NYSE Euronext by IntercontinentalExchange at a value of $33.12 per NYX share.
If you purchased shares of NYSE Euronext (NYX) prior to December 10, 2012 and currently hold any of those NYX shares, you have certain options and you should contact the Shareholders Foundation, Inc. at email@example.com or call +1 (858) 779-1554.
On December 20, 2012, IntercontinentalExchange (ICE), and NYSE Euronext announced an agreement for IntercontinentalExchange to acquire NYSE Euronext in a stock-and-cash transaction. Under the terms of the agreement the transaction is currently valued at $33.12 per NYSE Euronext share.
However, the plaintiff alleges that the offered price that is too low and undervalues the company. In fact, so the complaint, the now offered price is approximately $3 billion less than what the IntercontinentalExchange offered in its joint bid with Nasdaq OMX last year.
In addition, so the plaintiff, the proposed deal was based on a flawed process designed to ensure the sale of NYSE Euronext to IntercontinentalExchange on terms preferential to IntercontinentalExchange and designed to benefit NYSE Euronext's insiders, but detrimental to the plaintiff and the other public stockholders of the NYSE Euronext. The plaintiff says that as part of the Merger Agreement, certain defendants agreed to the typical buyer-friendly deal terms, including a termination fee ranging from $300 million to $450 million and a "no solicitation provision" that decrease the chance that a competing bidder emerges.
Those who currently are investors in NYSE Euronext (NYX) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.