SAN DIEGO, June 30, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds OpenTable Inc (OPEN) shares, filed a lawsuit in effort to halt the proposed takeover of OpenTable Inc by The Priceline Group Inc for $ 103 per share.
Investors, who purchased shares of OpenTable Inc (OPEN) prior to June 13, 2014 and currently hold any of those shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On June 13, 2014, The Priceline Group Inc. (PCLN) and OpenTable, Inc. (OPEN) announced that they have entered into an agreement whereby The Priceline Group will acquire OpenTable for $103 per share in an all cash transaction valued at $2.6 billion.
However, the plaintiff claims that the offer is too low and undervalues OpenTable, Inc. Indeed, shares of OpenTable rose following the takeover announcement in the open market to as high as $106.30 per share on June 23, 2014. In addition, the plaintiff claims that the process is unfair to OpenTable, Inc stockholders. Indeed, On June 12, 2014, certain officers and directors of OpenTable, Inc who own approximately 7% of the outstanding shares of common stock of the Company have already agreed to support the proposed takeover.
On June 27, 2014, shares of OpenTable, Inc. closed at $104.01 per share.
Those who currently are investors in OpenTable, Inc shares and purchased any of those OpenTable, Inc shares prior to 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.