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if you purchased shares of Active Network Inc (NYSE:ACTV) prior to Sept. 30, 2013 and currently hold any of those NYSE:ACTV shares, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
October 15, 2013 (Shareholders Foundation) - An investor in shares of Active Network Inc (NYSE:ACTV) filed a lawsuit to halt the proposed takeover of Active Network Inc by Vista Equity Partners for $14.50 per share.
On Sept. 30, 2013, Active Network Inc announced that it has entered into an agreement to be acquired by Vista Equity Partners in an all cash transaction valued at approximately $1.05 billion. Under the terms of the agreement Vista Equity Partners will commence a tender offer to acquire all of the outstanding shares of Active Network’s common stock for $14.50 per share in cash.
However, the plaintiff alleges that the defendants breached their fiduciary duties by agreeing to sell Active Network Inc. at an unfair price via an unfair process to Vista Equity Partners. The plaintiff claims that the offer is too low and undervalues the company. In addition, the plaintiff says that the defendants agreed to certain provisions in the merger agreement that deter alternative bids for Active Network Inc.
Active Network Inc reported that its annual Total Revenue rose from $242.88 million in 2009 to $418.89 million in 2012.
Shares of Active Network Inc (NYSE:ACTV) closed on Oct. 15, 2013, at $14.37 per share.