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If you purchased shares of DealerTrack Technologies Inc (NASDAQ:TRAK) and currently hold any of those NASDAQ:TRAK 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 investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
June 19, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of DealerTrack Technologies Inc (NASDAQ:TRAK), was announced concerning whether the takeover of DealerTrack Technologies Inc. by Cox Automotive, Inc for $63.25 per share is unfair to NASDAQ:TRAK stockholders.
The investigation by a law firm concerns whether certain officers and directors of DealerTrack Technologies Inc breached their fiduciary duties owed to NASDAQ:TRAK investors in connection with the proposed acquisition.
On June 15, 2015, Cox Automotive, Inc. and DealerTrack Technologies Inc (NASDAQ:TRAK) announced that they have entered into a definitive merger agreement. Under the terms of the proposed transaction, Cox Automotive will acquire DealerTrack Technologies Inc (NASDAQ:TRAK) in an all-cash transaction valued at $4 billion, or $63.25 per NASDAQ:TRAK share.
However, the investigation concerns whether the offer is unfair to NASDAQ:TRAK stockholders. More specifically, the investigation concerns whether the DealerTrack Technologies Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
DealerTrack Technologies Inc reported that its annual Total Revenue rose from $353.29 million in 2011 to $854.41 million in 2014. Shares of DealerTrack Technologies Inc (NASDAQ:TRAK) grew from $15.67 per share in September 2011 to as high as $56.74 per share in March 2014.
