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PSS World Medical, Inc. Investor Alert: Lawsuit to Halt Buyout by McKesson Corporation
A lawsuit was filed for current investors of PSS World Medical, Inc. in effort to stop the proposed takeover and NASDAQ-PSSI stockholders should contact the Shareholders Foundation.
Investors who purchased shares of the PSS World Medical, Inc. prior to October 25, 2012, and currently hold any of those NASDAQ-PSSI shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ-PSSI investors arising out of the attempt to sell the company too cheaply via an unfair process.
On October 25, 2012 McKesson Corporation and PSS World Medical, Inc. , announced that the two companies have signed an agreement under which McKesson will acquire all outstanding shares of PSS World Medical for $29.00 per share in cash. The total transaction, including the assumption of PSS World Medical's outstanding debt, is valued at approximately $2.1 billion.
However, the plaintiff claims that the $29-offer is too low and unfair to NASDAQ-PSSI stockholders. In fact, PSS World Medical’s financial performance improved over the past years. In fact, PSS World Medical, Inc. reported that its Total Revenue rose from over $1.95 billion for the 52 week period that ended on March 27, 2009 to over $2.1 billion for the 52 week period that ended on March 30, 2012, and that its Net Income over the respective time periods increased from $51.49 million to $74.32 million. Furthermore, shares of PSS World Medical, Inc. grew at an exceptional growth rate. NASDAQ-PSSI shares grew from as low as $13.66 per share in March 2009 to as high as $29.00 per share in May 2011.
Those who are current investors in PSS World Medical, Inc. and purchased their NASDAQ-PSSI shares prior to the announcement, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.