BUYOUT OF POWER-ONE - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
April 22, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained by shareholders of Power-One Inc. in connection with the acquisition of the company. ABB and Power-One have agreed to a transaction in which ABB will acquire Power-One at $6.35 per share or approximately $1 billion equity value, which includes Power-One's net cash of $266 million.
The investigation concerns whether the board of directors of Power breached their fiduciary duties by not engaging in a full and fair auction for the company to obtain the maximum amount for shareholders. The investigation concerns whether the board acted for themselves in negotiating new employment agreement and pay packages and benefits for themselves while not seeking a higher price. Indeed, the $266 million will go to ABB, which accounts for $2.20 per share. Meaning, ABB is only paying $4.15 per share, which is far below what analysts' believe the company's true value is and is what the company's liquidation or book value is.
If you are a shareholder of Power and would like additional information concerning this matter and your rights as a shareholder please feel free to contact us at no cost or obligation at 1-877-772-3975 or email at contact @ tripplevy