SAN DIEGO, May 20, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor, who currently holds shares of Micrel, Incorporated (Nasdaq:MCRL), filed a lawsuit against the proposed acquisition of Micrel, Incorporated by Microchip Technology Incorporated for $14.00 per share.
Investors, who purchased shares of Micrel, Incorporated (Nasdaq:MCRL) prior to May 7, 2015, and currently hold any of those (Nasdaq:MCRL) shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to (Nasdaq:MCRL) stockholders by agreeing to sell Micrel, Incorporated too cheaply via an unfair process to Microchip Technology Incorporated.
On May 7, 2015, Microchip Technology Incorporated and Micrel, Incorporated (Nasdaq:MCRL) announced that Microchip Technology Incorporated has signed an agreement to acquire Micrel, Incorporated for $14.00 per share. Micrel, Incorporated shareholders may elect to receive the purchase price in either cash or shares of Microchip common stock.
However, the plaintiff claims that the proposed consideration (Nasdaq:MCRL) shareholders will receive is grossly inadequate and undervalues Micrel, Incorporated. Indeed, at least one analyst has set the high target price for (Nasdaq:MCRL) shares at $18.00 per share and (Nasdaq:MCRL) shares traded as recently as March 20, 2015 as high as $15.63 per share.
In addition, the plaintiff claims that the takeover process is also unfair to (Nasdaq:MCRL) stockholders. Indeed, all of Micrel’s directors and certain executive officers have already signed voting agreements with Microchip Technology Incorporated under which they must vote in favor of the merger.
Those who currently hold Micrel, Incorporated (Nasdaq:MCRL) shares have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779 - 1554.
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.