– In response to the offer by ASSA ABLOY AB to take over ActivIdentity Corp. at $3.25 an investigation on behalf of investors of ActivIdentity Corp. (NASDAQ:ACTI) over possible breaches of fiduciary duties in connection with the proposed buyout was announced.
If you are a current investor in ActivIdentity Corp. (NASDAQ:ACTI) shares, and/or have any information relating the investigation, you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm concern whether ActivIdentity Corp. and its Board of Directors breached their fiduciary duties owed to ActivIdentity Corp. (NASDAQ: ACTI) investors by agreeing to the current conditions of the proposed takeover.
On Tuesday, October 12, 2010, Fremont, California based ActivIdentity Corporation, (NASDAQ: ACTI) announced that it has entered into an agreement to be acquired by ASSA ABLOY AB, the parent company of HID Global, in a cash transaction at a price of $3.25 per share, or approximately $162 million. ActivIdentity Corporation said the offer represents a premium of approximately 43% over the closing price of ActivIdentity shares on Friday, October 8, 2010 and a premium of 48% over the 20-day average of closing prices.
But the investigation by a law firm questions whether the sale process and the offered price are unfair to the shareholders of ActivIdentity Corp. (NASDAQ:ACTI).
Even though shares of ActivIdentity Corp. (NASDAQ: ACTI), which traded before the news at $2.27 per share, increased in response to the buyout announcement to $3.21 per share or by over 40%, shares of ActivIdentity Corp. traded as early as April 29, 2010 at $3.19 per share and April 26, 2010 at $3.20 per share, and at least one analyst has set a price target of $4.50 per share for ActivIdentity stock, leaving Activ Identity investors with practically no premium.
Therefore the investigation concerns whether the ActivIdentity board of directors undertook an adequate and fair sales process to obtain fair consideration for all shareholders of ActivIdentity Corp. (Public, NASDAQ:ACTI) and breached their fiduciary duties to ActivIdentity Corp. (Public, NASDAQ:ACTI) shareholder by failing to adequately shop the Company before entering into the proposed takeover.
Those who are current investors in ActivIdentity Corp. (Public, NASDAQ:ACTI) common shares, and/or have any information relating the investigation, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.