SAN DIEGO and SANTA CLARA, Calif., April 30, 2015 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP are investigating the
proposed acquisition of OmniVision Technologies, Inc. (NASDAQ:
OVTI) by a consortium composed of Hua Capital Management Co., Ltd.,
CITIC Holdings Limited, and GoldStone Investment Co., Ltd.
(collectively, the "Consortium"). On April 30, 2015, the companies announced the
signing of a definitive merger agreement pursuant to which the
Consortium will acquire OmniVision. Under the terms of the
agreement, OmniVision shareholders will receive $29.75 for each share of OmniVision common
stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/omnivision-technologies-inc
Is the Proposed Acquisition Best for OmniVision and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at OmniVision is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $29.75
merger consideration represents a premium of only 12.8% based on
OmniVision's closing price on March
31, 2015. This premium is significantly below the
average one month premium of nearly 31.5% for comparable
transactions within the past year. Further, the $29.75 merger consideration is significantly
below the target price of $35.00 set
by an analyst at Needham & Co. on February 27, 2015.
In light of these facts, Robbins Arroyo LLP is examining
OmniVision's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
OmniVision 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. OmniVision shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP