SAN DIEGO, April 22, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds Zygo Corporation (ZIGO) shares, filed a lawsuit to halt the proposed takeover of Zygo by AMETEK, Inc for $19.25 per share.
Investors, who purchased shares of Zygo Corporation (ZIGO) prior to April 11, 2014 and currently hold any of those shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
On April 11, 2014, AMETEK, Inc. and Zygo Corporation announced that they have entered into a merger agreement under which AMETEK will acquire all of the outstanding shares of common stock of Zygo at a purchase price of $19.25 per share in cash.
However, the plaintiff claims that the $19.25-offer is too low and undervalues Zygo Corporation. Shares of Zygo Corporation (ZIGO) grew from $3.40 per share in March 2009 to as high as $19.98 per share in May 2012 and traded after the takeover announcement on April 11, 2014 in the open market as high as $19.63 per share.
In addition, the plaintiff claims that the process is unfair to ZIGO stockholders. Indeed, MAK Capital One LLC, a financial investment advisory firm controlled by Michael A. Kaufman, the Chairman of the Board of Zygo, which beneficially owns approximately 23.6% of the outstanding shares of Zygo, as well as Mr. Willis, have already agreed to vote their shares of Zygo common stock in favor of the merger.
On April 21, 2014, ZIGO shares closed at $19.25 per share.
Those who currently are investors in Zygo Corporation (ZIGO) shares and purchased any of those Zygo shares prior to the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.