Robbins Arroyo LLP: Acquisition of OmniVision Technologies, Inc. (OVTI) by a Consortium of Investors Led by Hua Capital Management Co. May Not Be in Shareholders' Best Interests
SAN DIEGO and SANTA CLARA, Calif., April 30, 2015 /PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP are investigating the proposed acquisition of OmniVision Technologies, Inc. (NASDAQ: OVTI) by a consortium composed of Hua Capital Management Co., Ltd., CITIC Holdings Limited, and GoldStone Investment Co., Ltd. (collectively, the "Consortium"). On April 30, 2015, the companies announced the signing of a definitive merger agreement pursuant to which the Consortium will acquire OmniVision. Under the terms of the agreement, OmniVision shareholders will receive $29.75 for each share of OmniVision common stock.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/omnivision-technologies-inc
Is the Proposed Acquisition Best for OmniVision and Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board of directors at OmniVision is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
As an initial matter, the $29.75 merger consideration represents a premium of only 12.8% based on OmniVision's closing price on March 31, 2015. This premium is significantly below the average one month premium of nearly 31.5% for comparable transactions within the past year. Further, the $29.75 merger consideration is significantly below the target price of $35.00 set by an analyst at Needham & Co. on February 27, 2015.
In light of these facts, Robbins Arroyo LLP is examining OmniVision's board of directors' decision to sell the company now rather than allow shareholders to continue to participate in the company's continued success and future growth prospects.
OmniVision shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information. OmniVision shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in securities litigation and shareholder rights law. The law firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
[email protected]
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
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