Yes, I too think they have a playbook when they see a meger, buyout, etc. But they do discovery to decide if they should proceed with any real legal action. My understanding is that they do not get any fee unless it is awarded to them by a judge. They would not get a fee for doing discovery and analyzing the situaion if they then concluded it was hot worth it to them to go forward with legal proceedings. And again, it is my understanding that if they don't get any benefit for the shareholders then a judge is not likely to award them a fee (for what?)
I called Ameritrade and they said this could very well be a 2013 taxable event. It kind of depends on when they get the money from Shire.
Ameritrade suggested contacting Viro and/or Shire to ask their plans as when they will transfer funds and if this will be a 2013 or 2014 taxable event. I assume Shire would want to write this off now in 2013.
I believe I read the money will be dispursed 2-3 weeks after the expiration. If you do not tender your shares and over 50% of the shares are tendered then they take your shares anyway and pay you $50. If you tender your shares and if the firms that filed law suits happen to get an increase in the share price (admittedly an extreme long shot) then you do not get to join in the class action(s) and get the increased price. Only shares that are not tendered are eligible for that.
I should be able to find out tomorrow what happens if you dont tender your shares and only 49.9% of the outstanding shares are tendered.
Hawk.. Over $70?? You must have got in some time around when Plecfan did. Hope you bought a bundle under $1. Must have #$%$ in your pants when we whent from $13 to under $5 after we had rebounded to the high teens, low twenty's. Hope Plecfan stayed until the end. I know we lost Laserman, IRC, Doye (though he sold around $32) and many others along the way.
Well the $127million Viro would have to pay if they accept a competing offer is basically $2 per share. So another offer would have to be over $52.00 per share so plus the fact Shire gets an opportunity to beat any offer certainly discourages any additional offers.
"If you vote to approve the sale/merger and the lawsuit results increase the share sale price"
" Nonsense. You would not be excluded from the class". That is why I said do your own DD as I don't know the answer. It just seemed contradictory to me to vote to accept the offer and then join in a lawsuit that says the offer was not fair.
I am not sure if this is what you are asking but one attorney (not the ones I am using wrote me this "Here are some samples of the benefits we provide to shareholders who join
Recently, we obtained a $5 dollar increase in the buyout of Steinway and an additional $12 million as a special dividend to BMC shareholders.
We also got a 40 cent increase in the buyout of Energy Solutions.
Here is also a list of recent transactions that my firm engaged in that provided a benefit to shareholders in a buyout:
1. Student Learning, where its 80% owner, Citigroup acquired the company, and we obtained an additional $2.50 per share dividend for each Student Learning shareholder.
2. Santander Bancorp, where its parent company owned over 90% of its stock and offered shareholders $12.25 per share but we were able to get $12.70.
3. There was CKE restaurants where shareholders were to receive $11.05 but we got them $12.55.
4. There was OpenTV where (CEO bought the company and owned a controlling amount) and shareholders were to receive $1.35 and we obtained $1.55
5. There was Alfa Corp. (with 58%) buying the remaining shares of its subsidiary for $17.60 and we obtained $22
6. There was Nationwide (with 66%) buying out the remaining shares of its subsidiary for $47.20 and we obtained $52.25.
Other transactions over the past two years where we increased the share price from the initial offer:
RAE ($1.88 - $2.25)
Playboy ($6.15 - $6.38)
Rock of Ages ($4.38 - $5.25)
Capital Gold ($.79 - $1.09)
Wm Lyon Homes ($93 - $100)
LaFarge ($75 - $85.50)
Aramark ($32 - $33.80)
Nortek ($40 - $46"
If you vote to approve the sale/merger and the lawsuit results increase the share sale price you may not then be able to get the increased price since you agreed to the sale. It is not common but some of these lawsuits do result in an increase of the price per share. Do your own DD to see how to vote.
I am plaintiff in one lawsuit that has already been filed. If you want a copy of the complaint post an email address and I will send a copy. It is 30 pages so it is too long to post here.
Goldman Sachs was hired by Viro on or about Sept 16, 2013 to explore the possibility of a sale to other potential suitors. Goldman Sachs increased their holdings of Viro 3Q over 99% by purchasing 832,185 new shares. Hmm
If you do some research on line you will see that sometimes they are able to get the share price increased. Some of the firms post their successes. I dont understand why anyone would go into any debt. We already own shares.
K... You have my number if you want to call me. I suggest you call a couple of the law firms and they will explain it to you. As I said. You dont give your shares to anyone and you cant hold them if the offer is approved by shareholders. If the offer is approved your shares are redeemed by Shire whether you like it or not. You nor any other entity (law firm) can hold the shares after that point, they are gone to Shire.
K.. They do not get to hold my shares. I do not give them to anyone. If the tender offer is approved, I have no choice, my shares are taken from me by Shire and I get the $50 per share when everyone else does. All I have to do is vote against the offer.