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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.
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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
Aug. 27, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Deltek Inc. (NASDAQ:PROJ) shares was announced concerning whether the offer by Thoma Bravo, LLC to acquire Deltek Inc. for $13.00 per NASDAQ:PROJ share and the takeover process are unfair to investors in NASDAQ:PROJ shares.
The investigation by a law firm concerns whether certain officers and directors of the Deltek Inc. breached their fiduciary duties owed to NASDAQ:PROJ investors in connection with the proposed acquisition.
On August 27, 2012, Deltek Inc. (NASDAQ:PROJ) 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, Delteks 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 from $14.05 per share on Friday, August 24, 2012, to $12.94 per share on Monday, August 27, 2012.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:PROJ stockholders. Specifically, given that the offer respresents a discount to Delekts stock on August 24, 2012, the investigation focuses on whether the Deltek 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.
In fact, Delteks financial performance improved lately. Its annual Revenue rose from $279.65 million in 2010 to $340.54 million in 2011 and its Net Loss declined from $4.92 million in 2010 to $3.39 million in 2011. Additionally, shares of Deltek Inc. (NASDAQ:PROJ) grew from as low as $3.05 per share in February 2009 to as high as $14.09 per share on August 10, 2012. Furthermore, at least one analyst has set the high target price for NASDAQ:PROJ shares at $16.00 per share, thus well above the current offer.
