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Outerwall Inc (NASDAQ:OUTR) Investor Lawsuit Filed Over Alleged Wrongdoing In Acquisition

  • If you purchased shares of Outerwall Inc (NASDAQ:OUTR), you may have certain options. Please contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Outerwall Inc
Security
NASDAQ: OUTR

Case Name
Outerwall Deal Case 08/24/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

August 24, 2016 (Shareholders Foundation) - An investor who currently holds shares of Outerwall Inc (NASDAQ:OUTR), filed a lawsuit in effort to halt the proposed takeover of Outerwall Inc. for $52.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:OUTR stockholders by agreeing to sell Outerwall Inc. too cheaply via an unfair process to Apollo Global Management, LLC

On July 25, 2016, Outerwall Inc (NASDAQ:OUTR) announced that it has entered into an Agreement and Plan of Merger with affiliates of certain funds managed by affiliates of Apollo Global Management, LLC pursuant to which the Apollo Funds will acquire all of the outstanding shares of Outerwall Inc (NASDAQ:OUTR) common stock for $52.00 per share in cash.

However, plaintiff claims that the proposed consideration NASDAQ:OUTR shareholders will receive is grossly inadequate and undervalues Outerwall Inc. Indeed, at least one analyst has set the high target price for NASDAQ:OUTR shares at $58.00 per share and shares of Outerwall Inc reached as high as $83.89 per share in July 2015. In addition, the plaintiff alleges that the process is also unfair to Outerwall Inc. stockholder.