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InvenSense Inc (NYSE:INVN) Investor Lawsuit Against Acquisition By TDK Corporation Filed

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

Case Name
InvenSense Deal Case 02/28/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

February 28, 2017 (Shareholders Foundation) - An investor, who currently holds shares of InvenSense Inc (NYSE:INVN), filed a lawsuit in effort to halt the proposed takeover of InvenSense Inc by TDK Corporation for $13.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:INVN stockholders by agreeing to sell InvenSense Inc too cheaply via an unfair process to TDK Corporation.

On December 21, 2016, TDK Corporation and InvenSense Inc entered into an agreement today wherein TDK Corporation agrees to acquire all of the outstanding InvenSense Inc shares for cash at an acquisition price of USD 13.00 per InvenSense share, for a total acquisition price of USD 1.3 billion.

However, plaintiff claims that the proposed consideration NYSE:INVN shareholders will receive is grossly inadequate and undervalues InvenSense Inc. InvenSense Inc reported that its Total Revenue rose from $372.02 million for the 52 weeks period that ended on March 29, 2015 to $418.39 million for the 53 weeks period that ended on April 3, 2016. Shares of InvenSense Inc (NYSE:INVN) reached as high as $25.85 per share in August 2014. In addition, the plaintiff alleges that the process is also unfair NYSE:INVN stockholders. The plaintiff claims that the defendants agreed to preclusive deal protection devices such as a no solicitation and a $46.7 million termination fee provision that will deter other bidders from making a superior offer for InvenSense.