SAN DIEGO, April 29, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of TiVo Inc. (NASDAQ: TIVO) breached their fiduciary duties in connection with the proposed sale of the Company to Rovi Corporation (NASDAQ: ROVI).
TiVo provides video technology software services and cloud-based software-as-a-service solutions that enable viewers to consume content across various screens in and out-of-the home in United States, Europe and internationally.
On April 29, 2016, TiVo announced it had signed a definitive merger agreement with Rovi. Under the terms of the transaction, Rovi will acquire TiVo for $10.70 per share in cash and stock. Rovi will pay $2.75 per share in cash subject to a collar mechanism. The stock consideration is subject to a two-way collar between average Rovi Stock Prices of $16.00 and $25.00.
The investigation concerns whether the TiVo board failed to satisfy their duties to the Company shareholders, including whether the board adequately pursued alternatives to the acquisition and whether the board obtained the best price possible for TiVo shares of common stock. Nationally recognized Johnson & Weaver is investigating whether the proposed deal price represents adequate consideration, especially given one Wall Street analyst has an $18.00 price target on the stock.
If you are a shareholder of TiVo and believe the proposed buyout price is too low or you're interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker ([email protected]) at 619-814-4471. If emailing, please include a phone number where you can be reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
SOURCE Johnson & Weaver, LLP