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Deltek Inc. (NASDAQ:PROJ) Investor Files Lawsuit Over Alleged Breaches Of Fiduciary Duties In Connection With The Proposed Takeover By Thoma Bravo, LLC

  • If you purchased shares of the Deltek Inc. (NASDAQ:PROJ) prior to August 27, 2012, and currently hold any of those NASDAQ:PROJ shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • 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

Company
Deltek Inc.
Security
NASDAQ: PROJ

Case Name
Deltek Deal Case 09/04/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

Sept. 6, 2012 (Shareholders Foundation) -- An investor in shares of Deltek Inc. (NASDAQ:PROJ) filed a lawsuit against directors to block the buyout offer by Thoma Bravo, LLC at $13.00 per NASDAQ:PROJ share.

The plaintiff alleges that defendants breached their fiduciary duties owed to NASDAQ:PROJ stockholders arising out of the attempt to sell the company too cheaply to ThomaBravo, LLC

On August 27, 2012, Deltek Inc. announced that it has entered into an agreement under which Deltek will be acquired by leading private equity investment firm Thoma Bravo, LLC in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the proposed transaction, Deltek’s stockholders will receive $13 in cash for each share of NASDAQ:PROJ stock when the transaction closes.

Following the takeover announcement shares of Deltek Inc. (NASDAQ:PROJ) dropped over the $13offer from $14.05 per share on Friday, August 24, 2012, to $12.94 per share on Monday, August 27, 2012.

The plaintiff says the $13offer is fundamentally unfair and NASDAQ:PROJ stockholders will be shortchanged. Furthermore, so the plaintiff, the $13offer ignores analyst valuing the company’s stock at a High target price as high as $16 per share.