mail@shareholdersfoundation.com
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Sep 14, 2009 -
Investigation on behalf of current investors Intellon Corporation (Public, NASDAQ:ITLN)
, who purchased the shares before September 04, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price were announced.
If you are currently an investor in shares of Intellon Corporation (Public, NASDAQ:ITLN)
, and purchased the shares before September 04, 2009, and / or have additional information relating to the investigation, you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
The investigation by a law firm focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Intellon Corporation (Public, NASDAQ:ITLN)
arising out of their attempt to sell Intellon Corp to. Atheros Communications, Inc. Both companies announced on September 08, 2009, that the companies have entered into a definitive agreement for Atheros Communications, Inc. to acquire Intellon Corp. in a stock and cash transaction valued at approximately $244 million, or $181 million net of Intellon's cash, cash equivalents and short-term investments as of June 30, 2009. Under the terms of the proposed agreement entered into by the parties, the overall acquisition consideration consists of Atheros common stock and equivalents (including the assumption of outstanding Intellon restricted stock units and stock options) representing between 45 and 55 percent of the total consideration, with the remainder paid in cash, providing an overall value of approximately $7.30 per share, based on the five-day average closing price of Atheros as of September 4, 2009. Intellon Corp announced that for each share of Intellon common stock, Intellon shareholders may elect to receive either: (1) approximately 0.135 shares of Atheros common stock and approximately $3.60 in cash; (2) $7.30 in cash; or (3) approximately 0.267 shares of Atheros common stock.
But according to an investigation by a law firm “the transaction appears to be unfair” to current investors of Intellon Corporation (Public, NASDAQ:ITLN)
because the Intellon board failed “to conduct an open and fair auction process for Intellon Corporation”
and the “offer to purchase Intellon Corporation appears opportunistically timed to take advantage of the current economic downturn”. Another investigation “concerns whether the merger consideration is adequate and whether the Intellon Board of Directors breached their fiduciary duties to Intellon shareholders by agreeing to a strict no-solicitation provision and an $8.5 million termination fee that will all but ensure that no superior proposal will ever be forthcoming.”
Those who are currently investors in shares of Intellon Corporation (Public, NASDAQ:ITLN)
, and purchased the shares before September 04, 2009, and / or have additional information relating to the investigation, should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
779-1554
Fax:+1-(858)-
605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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http://www.prlog.org/10341814/1Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
