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PSS World Medical, Inc. (NASDAQ:PSSI) Investor Files Lawsuit Against Takeover by McKesson Corporation

  • If you purchased shares of the PSS World Medical, Inc. (NASDAQ:PSSI) prior to October 25, 2012, and currently hold any of those NASDAQ:PSSI 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
PSS World Medical, Inc.
Security
NASDAQ: PSSI

Case Name
PSS World Medical Deal Case 01/02/2013
Type of Lawsuit
Mergers and Acquisition
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Summary

Jan. 07, 2013 (Shareholders Foundation) -- An investor in shares of PSS World Medical, Inc. (NASDAQ:PSSI) shares filed a lawsuit in effort to halt the proposed takeover of PSS World Medical, Inc. by McKesson Corporation at $29.00 per NASDAQ:PSSI share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PSSI investors arising out of the attempt to sell the company too cheaply via an unfair process.

On October 25, 2012 McKesson Corporation (NYSE: MCK) and PSS World Medical, Inc. (NASDAQ: PSSI), announced that the two companies have signed an agreement under which McKesson will acquire all outstanding shares of PSS World Medical for $29.00 per share in cash. The total transaction, including the assumption of PSS World Medical's outstanding debt, is valued at approximately $2.1 billion.

However, the plaintiff claims that the $29-offer is too low and unfair to NASDAQ:PSSI stockholders. In fact, PSS World Medical’s financial performance improved over the past years. In fact, PSS World Medical, Inc. (NASDAQ:PSSI) reported that its Total Revenue rose from over $1.95 billion for the 52 week period that ended on March 27, 2009 to over $2.1 billion for the 52 week period that ended on March 30, 2012, and that its Net Income over the respective time periods increased from $51.49 million to $74.32 million. Furthermore, shares of PSS World Medical, Inc. (NASDAQ:PSSI) grew at an exceptional growth rate. NASDAQ:PSSI shares grew from as low as $13.66 per share in March 2009 to as high as $29.00 per share in May 2011.