RACKSPACE HOSTING (RAX) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Rackspace Hosting...
29 Agosto 2016 - 2:01PM
Business Wire
Andrews & Springer LLC, a boutique securities class
action law firm focused on representing shareholders nationwide, is
investigating potential breach of fiduciary duty claims against the
Board of Directors of Rackspace Hosting, Inc. (NYSE:RAX)
(“Rackspace” or the “Company”) relating to the sale of the Company
to affiliates of private equity firm Apollo Global Management LLC
(“Apollo”). On August 26, 2016, the two parties announced the
signing of a definitive merger agreement pursuant to which Apollo
will acquire Rackspace in a merger in a deal worth $4.3 billion. As
a result of the merger, Rackspace shareholders are only anticipated
to receive $32.00 per share in cash in exchange for each share of
Rackspace.
Andrews & Springer’s investigation so far has revealed that
the consideration Rackspace are expected to receive is inadequate.
While the Company claims that shareholders will receive a premium
for their shares, the merger price is only 6% above Rackspace’s
August 25, 2016 closing price of $30.19 per share. In addition, the
consideration is less than the $38.00 per share price target given
by Cowen Company in August 2016, several weeks before the merger
was announced. The $32.00 per share consideration is also 2.62%
below Rackspace’s 52-week high of $32.84. Our investigation has
also revealed that the process leading up to the announcement of
the merger appears to have significant conflicts of interest thus
making the process and consideration unfair.
If you own shares of Rackspace and want to receive additional
information and protect your investments free of charge, please
visit us at
http://www.andrewsspringer.com/cases-investigations/rackspace-class-action-investigation
or contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn –
www.linkedin.com/company/andrews-&-springer-llc, Twitter –
www.twitter.com/AndrewsSpringer or Facebook -
www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. For more information please visit our website
at www.andrewsspringer.com. This notice may constitute Attorney
Advertising.
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version on businesswire.com: http://www.businesswire.com/news/home/20160829005353/en/
Andrews & Springer LLCCraig J. Springer, Esq.,
1-800-423-6013cspringer@andrewsspringer.com
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