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Intersil Corp (NASDAQ:ISIL) Investor Lawsuit Against Acquisition By Renesas Electronics Corporation Filed

  • If you purchased shares of Intersil Corp (NASDAQ:ISIL), 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
Intersil Corporation
Security
NASDAQ: ISIL

Case Name
Intersil Deal Case 11/04/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

November 4, 2016 (Shareholders Foundation) - An investor who currently holds shares of Intersil Corp (NASDAQ:ISIL), was announced concerning whether the takeover of Intersil. by Renesas Electronics Corporation for $22.50 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to to NASDAQ:ISIL stockholders by agreeing to sell Intersil Corp too cheaply via an unfair process to Renesas Electronics Corporation.

On September 12, 2016, Renesas Electronics Corporation and Intersil Corporation announced they have signed an agreement for Renesas Electronics Corporation to acquire Intersil for US$22.50 per share in cash, representing an aggregate equity value of approximately US$3.2 billion (approximately 321.9 billion yen at an exchange rate of 100 yen to the dollar).

However, plaintiff claims that the proposed consideration NASDAQ:ISIL shareholders will receive is grossly inadequate and undervalues Intersil Corporation. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:ISIL stockholders.