I saw that Blackstone, TH Lee and TPG are looking to buy out FIS for only $32. However, TH Lee owns approx. 4.5% and Blackstone approx. 3% of the company's shares. In addition, I heard that Warburg Pincus, which owns 11% has been in talks with them. Further, the management of FIS not only get to keep their jobs but also get tens of millions for their options that get automatically vested. This deal seems so unfair considering analysts have projected the stock to be worth at least $36.
Anyway, I ran across this about a firm representing us shareholders concerning this matter just in case anyone else is interested.
Tripp Levy PLLC Investigates Proposed Acquisition of Fidelity National.
NEW YORK, May 12, 2010 -- Tripp Levy PLLC announces an investigation into the proposed acquisition of Fidelity National Information (NYSE: FIS). On May 12, 2010, it was reported that Blackstone Group, Thomas H. Lee Partners and TPG Capital have been in talks with the FIS board to acquire FIS for $32 per share.
However, FIS may not have adequately shopped itself around before entering into this transaction and, pursuant to this proposed transaction, Blackstone, TH Lee and TPG may be underpaying for FIS, thus unlawfully harming FIS shareholders. Blackstone, TH Lee and TPG own approx. 8% of the company's shares. In addition, certain Stanley officers and directors have agreed to vote in favor of the offer.
The investigation concerns, among other things, whether the consideration to be paid to FIS shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of FIS, which analysts have projected a value of at least $36 per share. The investigation further concerns whether the directors of FIS may have breached their fiduciary duties by not acting in FIS shareholders' best interests in connection with the sale process of FIS.
If you own FIS common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Tripp Levy Tripp Levy PLLC New York, New York Toll Free: 877-772-3975 Email: email@example.com
I heard that Warburg Pincus may want to join in the buyout, or at least get some equity stake in the deal or preferred rights. With Blackstone's and TH Lee 8% stake and Warburgs 11% stake, this process is getting unfair.
I spoke to these guys and they said that a court make it so that the buyers can't vote for the deal and that only other shareholders can, so this way we can get a fair vote and process....makes sense to me!
I have had two separate law firms e-mail me about a lawsuit as well. I would be critical of these offers, and make sure it is a class action suit that does not require any compensation on your part. Be careful of lawyers trying to exploit this buyout!
thanks...i agree...those firms that emailed seemed pretty fishy but this one i checked up on and it is a reputable firm....yes, it would be a class action and on a contingency fee basis (no fees, expenses, etc.)