NEW YORK, May 16, 2014 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Overland Storage Inc. (NASDAQ: OVRL) on behalf of shareholders. It was announced that Sphere 3D Corp. is acquiring the remaining shares of Overland that it does not already own. Under the terms of the merger agreement, each outstanding share of Overland common stock will be exchanged for 0.510594 common shares of Sphere 3D, subject to certain potential adjustments as set forth in the agreement. Based on the closing sales price of Sphere 3D common shares on May 14, 2014, the total consideration payable to holders of Overland equity in the transaction has an implied value of approximately $81.13M or approximately $4.43 per Overland Share.
Eric Kelly, the Chief Executive Officer, President, and board member of Overland, is also the Chairman of the Board of Sphere 3D. Mr. Kelly has non-material share ownership in both Overland and Sphere 3D.
The investigation concerns whether the board of directors and senior management of Overland engaged in a full and fair auction and process to insure that shareholders obtained the maximum value for their shares, whether the merger price is unfairly low and whether there were any conflicts of interest on the part of management in selling the company. Indeed, analysts have projected that the true inherent going forward value of the company of at least $15 per share.
If you are a shareholder of Overland and would like additional information as to how the acquisition may affect your rights as a shareholder, please call us at no cost at:Tripp Levy PLLC New York, New York Toll free: 800-511-7037 Email: firstname.lastname@example.org www.tripplevy.com Tripp Levy PLLC represents individual and institutional shareholders and, along with its affiliates, has recovered billions of dollars for shareholders in similar actions around the globe. Tripp Levy PLLC is affiliated with the law firm Milberg LLP. Attorney advertising. Prior results do not indicate a similar outcome.