NEW YORK, Sept. 30, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of The Active Network, Inc. (NYSE: ACTV) on behalf of shareholders. ACTIVE announced that it has entered into a definitive agreement to be acquired by Vista Equity Partners ("Vista"), in an all cash transaction valued at approximately $1.05 billion. Under the terms of the agreement Vista will commence a tender offer to acquire all of the outstanding shares of ACTIVE's common stock for $14.50 per share in cash.
The investigation concerns whether the board of directors of ACTIVE breached their fiduciary duties by not engaging in a full and fair auction of the company so that shareholders receive the maximum value for their shares while not, at the same time, seeking personal benefits for their own self interests. Indeed, the offer of $14.50 is below where the stock was trading at approx. 13 months ago and is below recent comparable transaction multiples in the industry including EBITDA, Cash Flows and Book Value.
If you are a shareholder of ACTIVE and would like additional information regarding this matter and how it affects your rights as a shareholder at no cost or expense please contact us:
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts