Robbins LLP: Acquisition of Altera Corporation (ALTR) by Intel Corporation (INTC) May Not Be in Shareholders’ Best Interests
Robbins LLP is investigating the proposed acquisition of Altera Corporation (NASDAQ: ALTR) by Intel Corporation. (NASDAQ: INTC). On June 1, 2015, the two companies announced the signing of a definitive merger agreement pursuant to which Intel will acquire Altera. Under the terms of the agreement, Altera shareholders will receive $54.00 in cash for each share of Altera common stock.
Is the Proposed Acquisition Best for Altera and Its Shareholders?
Robbins LLP’s investigation focuses on whether the board of directors at Altera is undertaking a fair process to obtain maximum value and adequately compensate its shareholders. Notably, the $54.00 merger consideration represents a premium of only 10.5% based on Altera’s closing price on May 29, 2015. This premium is significantly below the average one-day premium of nearly 38% for comparable transactions within the past five years.
Altera shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.
Altera shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.