WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Intralinks Holdings, Inc. (“IL” or the “Company”) in connection with the December 6, 2016 proposed acquisition of the Company by Synchronoss Technologies, Inc. (“Synchronoss”). Under the terms of the agreement, the Company’s shareholders will receive $13.00 in cash for each IL share they own.
WeissLaw is investigating whether IL’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $15.00, or $2.00 above the offer price. Further, on the same day as the announcement, Chicago-based investment firm Vital Capital Partners published a letter addressed to IL’s Board of Directors expressing their concerns over the transaction. Among them, they cited:
- A lack of effort by the Board and management to find a superior offer;
- A low per share offer, which they describe as “sub-optimal,” and “inadequate”; and
- The “very low multiple” of ~2.6x enterprise value to sales, and ~12x enterprise value to EBITDA, based on 2017’s expected metrics, offered by Synchronoss.
Finally, upon completion of the transaction, Synchronoss’ enterprise business is expected to grow to approximately 40% of its total revenue.
Given these facts, WeissLaw is investigating whether IL’s Board acted in the best interests of IL’s public shareholders to maximize shareholder value prior to entering into the agreement. If you own IL 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 firstname.lastname@example.org.
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 email@example.com or fill out the form on our website, http://www.weisslawllp.com/intralinks-holdings-inc/