NEW YORK, Dec. 13, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading securities and shareholder rights law firm that represents shareholders nationwide, announces that it is investigating the acquisition of Performance Technologies, Inc. (NASDAQ: PTIX). On December 13, 2013, it was announced that Sonus Networks Inc. (NASDAQ: SONS) had entered into a definitive merger agreement to acquire Performance Technologies. Under the terms of the merger agreement, Sonus will acquire Performance Technologies for $3.75 per share or approx. $30 million.
The investigation concerns whether the board of directors of Performance Technologies breached their fiduciary duties to shareholders by not engaging in a full and fair process to insure shareholders received the maximum value for their shares, while, at the same time, seeking to benefit themselves for their own self-interests. Indeed, analysts have projected that the going forward inherent value of Performance Technologies is worth at least $4.50 per share (and the stock traded as high as $4.23 per share as recently as November 22, 2013). Further, the company has no debt and approx. $12 million in cash on hand or $1.06 per share.
If you are a shareholder of Performance Technologies and would like additional information regarding this matter, at no cost or expense, please contact us at:
Tripp Levy PLLC is a leading securities and shareholder rights law firm that has extensive experience in mergers and takeovers, and has assisted in the recovery of millions of dollars for shareholders around the globe. Attorney advertising. Prior results do not indicate a similar outcome.
SOURCE Tripp Levy PLLC