Jive Software's $462M Sale Undervalues It, Investors Say
Law360, New York (May 17, 2017, 1:51 PM EDT) -- A proposed class of Jive Software Inc. shareholders filed suit in California federal court Tuesday to challenge the business communications company's $462 million sale to ESW Capital LLC affiliate Wave Systems, claiming investors are being shortchanged by the deal.
Shareholder Andrew Yoshimura argued that the cash transaction is replete with overly restrictive deal protections that will deter competing bids, all the while lowballing Jive's recent performance with a price tag of $5.25 per share.
"The offer price appears inadequate given Jive's recent financial performance and strong growth prospects," Yoshimura said. "Indeed, while the company claims that shareholders will receive a premium...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!