NEW YORK, Nov. 11, 2016 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating claims against the board of directors of TubeMogul, Inc. ("TubeMogul" or the "Company") (NasdaqGS: TUBE) concerning whether the board breached its fiduciary duties to shareholders in connection with the proposed transaction with Adobe Systems Incorporated ("Adobe").
Under the terms of the definitive merger agreement between the Company and Adobe, announced on November 10, 2016, TubeMogul's stockholders will receive $14.00 per share in cash, which is significantly lower than, according to Yahoo! Finance, at least one Wall Street analyst's estimated price target of $17.00 per share. The total transaction value of the deal anticipated to close in the first quarter of fiscal 2017 is approximately $540 million, net of cash and debt.
TubeMogul "could have attracted a better deal down the road if it had been able to execute further as a standalone entity," Boenning & Scattergood analyst Murali Sankar said in commenting on the proposed buyout. Sankar further added that "This is a great deal for Adobe. I don't think they're paying a lot."
Our investigation concerns whether the TubeMogul's board of directors has fulfilled its fiduciary duties to TubeMogul's shareholders, including adequately pursuing alternatives to the acquisition and obtaining the best price possible for TubeMogul's shareholders.
If you own TubeMogul shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.
Tanya Korkhov, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Follow us on Twitter: @HarwoodFeffer
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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