Two investors in Metavante filed lawsuits on behalf of current investors in shares of Metavante Technologies, Inc. (NYSE: MV), who purchased their shares prior to the proposed takeover of Metavante by Fidelity National Information Services for $2.94 billion in stock, in Milwaukee County Circuit Court against Metavante, its CEO, directors, and others alleging the offered price is too low and the board of directors breached their financial duties in agreeing to the sale under the present conditions.
Fidelity National Information Services, Inc. (NYSE: FIS) and Metavante Technologies, Inc. (NYSE: MV) announced on April 10, 2009 that the boards of directors of both companies have approved a definitive agreement under which FIS will acquire Metavante. Under the terms of the proposed agreement, Metavante shareholders will receive a fixed exchange ratio of 1.35 shares of FIS common stock for each share of Metavante common stock they own. The pro forma enterprise value of the combined company would be approximately $10 billion. Shares of Fidelity closed the following Tuesday at $18.20, up 2%, while shares of Metavante were up 2.8% to close at $19.96. With a fixed exchange rate of 1.35, shareholders of Metavante Technologies, Inc. (NYSE: MV) would get $24.57 per MV share they own.

According to the lawsuit the sale price does not take into account Metavante Technologies true value or the company's growth and revenue prospects. According to the lawsuit in its first full year as a public company Metavante’s revenue grew by nearly 50% to more than $1.7 billion and net income grew to over $147 million. The suit complains that the Metavante board did not tell shareholders about the potential deal with Fidelity National until the sale was announced, despite months of negotiations. Metavante Technologies, Inc., owns and operates Metavante Corporation. Metavante delivers banking and payments technologies to financial services firms and businesses worldwide. Metavante is located in Milwaukee, WI and had $1.707billion in total revenue in 2008 and $1.598billion in 2007 with a net income of $147.35million in 2008 and $49.45million in 2007. The shares of Metavante Technologies closed on Monday, April 27,2009 with $24.79 per share.