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If you purchased shares of Micrel, Incorporated (NASDAQ:MCRL) and currently hold any of those NASDAQ:MCRL 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 case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
May 22, 2015 (Shareholders Foundation) - An investor in shares of Micrel, Incorporated (NASDAQ:MCRL) filed a lawsuit in effort to stop the proposed takeover of Micrel, Incorporated. by Microchip Technology Incorporated for $14.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:MCRL stockholders by agreeing to sell Micrel, Incorporated too cheaply via an unfair process to Microchip Technology Incorporated.
On May 7, 2015, Microchip Technology Incorporated (NASDAQ: MCHP) and Micrel, Incorporated (NASDAQ:MCRL) announced that Microchip Technology Incorporated has signed a definitive agreement to acquire Micrel, Incorporated for $14.00 per share. Micrel, Incorporated shareholders may elect to receive the purchase price in either cash or shares of Microchip common stock.
However, the plaintiff claims that the proposed consideration NASDAQ:MCRL shareholders will receive is grossly inadequate and undervalues Micrel, Incorporated. Indeed, at least one analyst has set the high target price for NASDAQ:MCRL shares at $18.00 per share and NASDAQ:MCRL shares traded as recently as March 20, 2015 as high as $15.63 per share.
In addition, the plaintiff claims that the process is also unfair to NASDAQ:MCRL stockholders. Indeed, all of Micrel’s directors and certain executive officers have already signed voting agreements with Microchip Technology Incorporated under which they must vote in favor of the merger.