Bigband Networks (MM) (NASDAQ:BBND)
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5 Years : From Mar 2012 to Mar 2017
& Long, P.A. announces that it is investigating potential claims
against the board of directors of BigBand Networks, Inc. (“BigBand” or
the “Company”) (Nasdaq: BBND)
concerning possible breaches of fiduciary duty and other violations of
law related to the Company’s entry into an agreement to be acquired by
ARRIS Group, Inc. (“ARRIS”) in a transaction with an approximate diluted
equity value of approximately $172 million, or $53 million net of
estimated BigBand cash on hand.
Click here to learn more and how to join the action: http://investigations.rigrodskylong.com/bigbandnetworksinc-bbnd/.
Under the proposed agreement, ARRIS will commence a tender offer for all
of the outstanding shares of BigBand common stock within 10 business
days. BigBand shareholders will receive $2.24 per share in cash for all
outstanding shares of BigBand common stock tendered in the offer.
The investigation concerns whether BigBand’s board of directors
adequately shopped the Company to obtain the best price possible for
BigBand’s shareholders before entering into the agreement with ARRIS.
Indeed, Redpoint Ventures and ValueAct Capital Partners, holders of 32%
of the outstanding shares of BigBand, have agreed to tender their shares
in the offer and to vote their shares in favor of the merger agreement
and against any other transaction. Moreover, according to Yahoo!
Finance, at least one analyst has set a $2.75 per share stock price for
Indeed, as recent as July 25, 2011, BigBand announced its second quarter
2011 financial results wherein Company President and CEO, Amir
Bassan-Eskanzi commented on BigBand’s progress in its growth
initiatives. He stated: “In the quarter, we made good progress in our
growth initiatives, including a major win for our new MSP platform with
AT&T. This win validates the MSP’s highly-differentiated advertising
capabilities and position in IP Video and opens new opportunities with
telco and cable customers[.]”
If you own the common stock of BigBand and purchased your shares before
October 11, 2011, if you have information or would like to learn more
about these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Seth
D. Rigrodsky, Esquire or Noah
R. Wortman, Case Development Director, of Rigrodsky & Long, P.A.,
919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by
telephone at (888) 969-4242, or by e-mail to [email protected]
& Long, P.A., with offices in Wilmington, Delaware and Garden
City, New York, regularly litigates securities
class, derivative and direct actions, shareholder rights litigation
and corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of Chancery
and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.