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...

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