WeissLaw LLP is investigating possible breaches of fiduciary duty and other violations of law by the Board of Directors of Silver Spring Networks Inc. (NYSE: SSNI) (“SSNI” or the “Company”) in connection with the proposed acquisition of the Company by Itron Inc. (NASDAQ: ITRI) (“ITRI”). On September 18, 2017, the Company announced a definitive agreement for ITRI to acquire all outstanding shares of SSNI in a transaction valued at approximately $830 million. Under the terms of the agreement, the Company’s shareholders will receive $16.25 in cash for each SSNI share they own.
WeissLaw is investigating whether SSNI’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $19.00 per share, or nearly $3.00 above the offer price.
Additionally, ITRI expects the deal to have a positive impact on its long-term growth rate with an anticipated $50 million in annualized cost synergies, and to be accretive to its gross margin within the first year post-close.
Finally, according to ITRI’ President and CEO, “[the] transaction also increases [ITRI’s] presence in the sizable industrial [Internet of Things] segment, driving higher growth with recurring revenues and enabling [ITRI] to increase profitability beyond [its] mid-teens EBITDA margin target,” and ultimately, improve its position in the fast-growing critical infrastructure space.
Given these facts, WeissLaw is investigating whether SSNI’s Board acted in the best interests of its public shareholders to maximize shareholder value prior to entering into the agreement. If you own SSNI 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/silver-spring-networks-inc/