BUYOUT OF SOURCEFIRE - LAW FIRM SEEKS HIGHER PRICE FOR SHARHEOLDERS
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of SourceFire by Cisco. Under the terms of the agreement, Cisco will pay $76 per share in cash in exchange for each share of Sourcefire and assume outstanding equity awards for an aggregate purchase price of approximately $2.7 billion, including retention-based incentives.
The investigation concerns whether the senior management and board of directors breached their fiduciary duties to shareholders in not engaging in a full and fair auction for the company, while, also, at the same time, negotiating personal pay packages and benefits for themselves in selling the company. Indeed, the company has over $200 million of cash on its books and no debt which reflects approx. $6.60 per share in cash, which will go to Cisco making the purchase price to them of only $69.40 per share. Further, the multiples being offered are but a fraction to those of comparable companies in the industry.
If you are a shareholder of Sourcefire and would like additional information as to how you can participate with other shareholders seeking a higher price, at no cost or expense, please contact us toll free at 1-877-772-3975