November 04, 2015 (Shareholders Foundation) - An investor who currently holds shares of TICC Capital Corp. (NASDAQ:TICC), filed a lawsuit in effort to halt the proposed takeover of TICC Capital Corp. by TPG Specialty Lending, Inc. for $7.50 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:TICC stockholders by agreeing to sell TICC Capital Corp. too cheaply via an unfair process to TPG Specialty Lending, Inc.

On September 16, 2015, TPG Specialty Lending, Inc. (NYSE: TSLX) announced that it has made a proposal to acquire TICC Capital Corp. (NASDAQ:TICC) in a stock-for-stock transaction. Under the terms of the non-binding proposal delivered to the Special Committee of TICC Capital Corp's Board of Directors on September 10, 2015, TICC Capital Corp. (NASDAQ:TICC) stockholders would receive a number of shares of TPG Specialty Lending, Inc. (NYSE: TSLX) common stock that results in TICC Capital Corp. (NASDAQ:TICC) stockholders receiving $7.50 in value per share as of the signing date of a definitive agreement.

However, the plaintiff claims that the proposed consideration NASDAQ:TICC shareholders will receive is grossly inadequate and undervalues TICC Capital Corp. Indeed, at least one analyst has set the high target price for NASDAQ:TICC shares at $9.00 per share. TICC Capital Corp. reported that its annual Total Revenue rose from $45.19 million in 2011 to $117.32 million in 2014.Shares of TICC Capital Corp. (NASDAQ:TICC) reached as high as $10.81 per share in late 2013.