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ReachLocal Inc. (NASDAQ:RLOC) Investor Lawsuit Against Acquistion By Gannett Co., Inc

  • If you purchased shares of ReachLocal Inc. (NASDAQ:RLOC) and currently hold any of those NASDAQ:RLOC 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
ReachLocal Inc.
Security
NASDAQ: RLOC

Case Name
ReachLocal Deal Case 07/25/2016
Type of Lawsuit
Mergers and Acquisition
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Summary

July 25, 2016 (Shareholders Foundation) - An investor who currently holds shares of ReachLocal Inc. (NASDAQ:RLOC), filed a lawsuit in effort to halt the proposed takeover of ReachLocal Inc. by Gannett Co., Inc at $4.60 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RLOC stockholders by agreeing to sell ReachLocal Inc. too cheaply via an unfair process to Gannett Co., Inc.

On June 27, 2016, Gannett Co., Inc. and ReachLocal Inc. (NASDAQ:RLOC) announced the execution of a merger agreement whereby Gannett would acquire the outstanding shares of ReachLocal, Inc., for $4.60 per share in cash, via a tender offer.

However, plaintiff claims that the proposed consideration NASDAQ:RLOC shareholders will receive is grossly inadequate and undervalues ReachLocal Inc. Indeed, NASDAQ:RLOC shares reached as high as $16.83 per share during 2013. . In addition, the plaintiff alleges that the process is also unfair to ReachLocal stockholder.