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07.11.2016 23:30
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Inteliquent Inc. Acquisition May Not Be in the Best Interests of IQNT Shareholders
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PR Newswire
NEW YORK, Nov. 7, 2016
NEW YORK, Nov. 7, 2016 /PRNewswire/ -- WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Inteliquent Inc. ("IQNT" or the "Company") in connection with the proposed acquisition of the Company by an affiliate of GTCR LLC (the "affiliate"). On November 2, 2016, the Company announced that it had reached a definitive agreement for the affiliate to acquire all outstanding shares of IQNT in a transaction valued at approximately $800 million. Under the terms of the agreement, the Company's shareholders will receive $23.00 in cash for each IQNT share they own.
WeissLaw is investigating whether IQNT's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $24.00 per share, or $1.00 above the offer price. Additionally, following the acquisition announcement, the Company reported impressive financial results for the third quarter of fiscal year 2016. On November 7, 2016, IQNT reported revenues of $99.4 million, representing a remarkable 56% year-over-year growth when compared to the $63.7 million reported in the same period of the previous year.
Given these facts, WeissLaw is investigating whether IQNT's Board acted in the best interests of IQNT's public shareholders to maximize shareholder value prior to entering into the agreement. If you own IQNT shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/inteliquent-inc/
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/inteliquent-inc-acquisition-may-not-be-in-the-best-interests-of-iqnt-shareholders-300358719.html
SOURCE WeissLaw LLP
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