mail@shareholdersfoundation.com
After Interactive Data Corp. announced to be acquired by investment funds an investigation on behalf of current investors in Interactive Data Corp. (NYSE:IDC) concerning shareholder claims over possible breaches of fiduciary duty was announced.
If you currently hold shares of Interactive Data Corp. (NYSE:IDC), you have certain options and you should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
The investigation by a law firm focuses on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Interactive Data Corp. arising out of their attempt to sell Interactive Data Corp. (NYSE:IDC) to investment funds managed by Silver Lake and Warburg Pincus. Interactive Data Corporation, located in Bedford, MA, provides financial market data, analytics and related solutions to thousands of financial institutions and active traders, as well as software and service providers. Interactive Data Corp reported in 2007 Total Revenue of $689.61million, in 2008 $750.54million, and in 2009 $757.22million.
On Tuesday, May 04, 2010, Interactive Data Corporation (NYSE: IDC) announced that it has entered into a definitive agreement to be acquired by investment funds managed by Silver Lake and Warburg Pincus in a transaction with a total value of $3.4 billion. Under the agreement, Interactive Data's stockholders (IDC) will receive $33.86 in cash for each share of Interactive Data common stock (IDC) they own. According to Interactive Data Corp. agreement was unanimously approved by its Board of Directors and the offer represents a premium of approximately 32.9 percent over the closing share price on Thursday, January 14, 2010, the last trading day before the Company announced that its Board of Directors was conducting a review of strategic alternatives.
Shares of Interactive Data Corp.(IDC) traded on January 14, 2010, at $25.47 per share and inclined after the announcement from $33.09 per share on May 03, 2010, to at $33.24 per share on May 4, 2010. But IDC stock traded at over $33.90 per share just days before the takeover news and at $34 per share as recently as April 21, 2010. Interactive Data Corp's controlling shareholder Pearson PLC, which holds 61% of IDC stock, will receive an approximately $2 billion payout as a result of the deal and Interactive Data Corp said that Pearson PLC has executed a written consent to approve the transaction.
The investigation by a law firm “concerns whether the Interactive Data Corp. Board of Directors breached their fiduciary duties to Interactive Data Corporation (IDC) stockholders by failing to adequately shop the Company prior to entering into the agreement, whether the Board of Directors breached their fiduciary duties by not seeking a deal that would provide better value of Interactive Data Corp. (IDC), and whether investment funds managed by Silver Lake and Warburg Pincus are underpaying for Interactive Data Corp., thus unlawfully harming IDC stockholders.”
Those who currently hold shares of Interactive Data Corp. (Public, NYSE:IDC), have certain options and should contact the Shareholders Foundation, Inc by email at mail@shareholdersfoundation.com or call +1 (858) 779 – 1554.
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