Faruqi & Faruqi, LLP Announces Investigation of EasyLink Services International Corp. (ESIC)
Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of EasyLink Services International Corporation (“EasyLink” or the “Company”) (NASDAQ: ESIC) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Open Text Corporation (NASDAQ: OTEX) (TSX: OTC), in an all-cash deal valued at about $232 million. Under the terms of the proposed transaction, EasyLink’s stockholders will receive $7.25 in cash for each share of EasyLink’s common stock they own, while according to Yahoo! Finance, at least one financial analyst has set a price target of $8.00 for EasyLink.
Whether EasyLink’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues EasyLink’s shares, and by how much this proposed transaction undervalues the Company to the detriment of EasyLink’s shareholders are the key subjects of this investigation.
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