BUYOUT OF PLX - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
NEW YORK, June 23, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of PLX Technology, Inc. (NASDAQ: PLXT) (“PLX” or the “Company”). It was announced that Avago Technologies Limited and PLX entered into a definitive merger agreement under which Avago will acquire PLX. Under the terms of the agreement, Avago will acquire all the outstanding common shares of PLX common stock for $6.50 per share in cash.
The investigation concerns whether the board of directors and senior management of PLX engaged in a full and fair auction and process to insure that shareholders obtained the maximum value for their shares, whether the merger price is unfairly low and whether there were any conflicts of interest on the part of management and the board in selling the company. Indeed, analysts have projected that the true going forward inherent value of PLX is at least $8 per share.
If you are a shareholder of PLX and would like additional information as to how the acquisition may affect your rights as a shareholder, please call us at no cost at: 800-511-7037 or visit our website at tripplevy.
I just bought on the 19th so am pleased as punch. I figured it was worth $8 but might have to wait 6 months or so to get it. What is the rational for bidding over $6.50? Any real chance for another bidder? My guess is not. Don't want to push good luck by getting greedy.
Legal shenanigans probably won't help anything, but since the share price was sailing towards $7 at the beginning of the year, I certainly am praying for an improved offer (see what I did there?).
In the short term, short interest is at a twelve month high as at the latest data dated 30th May , both in terms of Days to Cover, and the actual number of shares shorted. I wonder what will happen today?
Lucky those new share options were granted a couple of weeks ago. Potomac is in profit anywhere above $6.1395 according to their Form SC 13D/A from 12/23/13 but I would have thought they were expecting a rather bigger bonanza too.