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Exelis Inc (NYSE:XLS) Investor Filed Lawsuit Against Acquisition By Harris Corporation

  • If you purchased shares of Exelis Inc (NYSE:XLS) and currently hold any of those NYSE:XLS 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
Exelis Inc
Security
NYSE: XLS

Case Name
Exelis Deal Case 02/20/2015
Type of Lawsuit
Mergers and Acquisition
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Summary

February 23, 2015 (Shareholders Foundation) - An investor, who currently holds shares of Exelis Inc (NYSE:XLS), filed a lawsuit in effort to stop the proposed takeover of Exelis Inc by Harris Corporation at $23.75 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:XLS stockholders by agreeing to sell Exelis Inc too cheaply via an unfair process to Harris Corporation

On February 6, 2015, Harris Corporation (NYSE:HRS) and Exelis, Inc. (NYSE:XLS) announced an agreement under which Harris Corporation will acquire Exelis in a cash and stock transaction valued at $23.75 per share, or an approximately $4.75 billion enterprise value.

However, the plaintiff claims that the proposed consideration NYSE:XLS shareholders will receive is grossly inadequate and undervalues Exelis, Inc. Indeed, following the acquisition news NYSE:XLS shares jumped to $24.33 per share on February 6, 2015. In addition, the plaintiff claims that the process is also unfair to NYSE:XLS stockholders. The plaintiff claims that the proposed transaction contains certain deal protection devices, such as non-solicitation, a matching rights, and a termination fee provision, that unreasonably favor Harris Corporation and deter other bidders from making a higher offer for Exelis Inc.