Key Developments: Memsic Inc (MEMS.W)
4.10USD
18 Jun 2013
$0.01 (+0.24%)
$4.09
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300
884
$4.11
$1.52
Latest Key Developments (Source: Significant Developments)
Faruqi & Faruqi, LLP Seeking More Cash for Shareholders Of MEMSIC Inc
Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, is investigating the Board of Directors of MEMSIC, Inc. for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to IDG-Accel China Capital II, L.P. and affiliates MZ Investment Holdings Limited and MZ Investment Holdings Merger Sub Limited in a deal valued at approximately $88.5 million. Under the terms of the proposed transaction, MEMSIC's stockholders will receive $4.225 for each share of MEMSIC common stock they own. The investigation focuses on whether MEMSIC'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 and by how much this proposed transaction undervalues the Company to the detriment of MEMSIC's shareholders. Full Article
Young Law Firm Announces Investigation MEMSIC Inc
The Young Law Firm announced that it is investigating potential claims against the Board of Directors of MEMSIC, Inc. (MEMSIC or the Company) concerning the proposed buyout of the Company by IDG-Accel China Capital II, LP (IDG) and affiliates. The investigation concerns whether MEMSIC`s Board of Directors obtained fair value for the sale of the Company and whether the Board has fulfilled its fiduciary duties to MEMSIC`s shareholders in connection with the sale. Under the terms of the transaction, shareholders will receive $4.225 per share in cash in a deal valued at approximately $88.5 million. Full Article
Law Office of Brodsky & Smith, LLC Announces Investigation Of MEMSIC Inc
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of MEMSIC, Inc. relating to the proposed acquisition by IDG-Accel China Capital II, LP (IDG) and affiliates. Under the terms of the transaction MEMSIC shareholders will receive only $4.225 in cash for each share of MEMSIC stock they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law by the Board of Directors of MEMSIC for not acting in the Company's shareholders' interests in connection with the sale process. The focus of the investigation is on potential conflicts of interests and if this may have resulted in MEMSIC shareholders receiving inadequate compensation for their stock. Affiliates of IDG currently own 19.5% of the Company's outstanding stock and MEMSIC stock traded at $5.20 as recently as March 16, 2012. Full Article
Law Firm Kirby McInerney LLP Announces Investigation Of MEMSIC Inc
Kirby McInerney LLP announced that it is investigating potential claims against the Board of Directors of MEMSIC Inc (MEMS or the Company) related to the proposed acquisition of the Company by IDG-Accel China Capital II, L.P. and Affiliates (IDG). Under the terms of the proposal, IDG will acquire all of the outstanding common stock of MEMSIC for $4.225 per share in cash, for a total transaction value of approximately $88.5 million. The investigation concerns whether the MEMSIC Board of Directors violated its fiduciary duties by agreeing to this transaction and whether the proposed $4.225 per share consideration adequately values MEMSIC common shares. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of MEMSIC Inc. Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of MEMSIC, Inc. (MEMSIC or the Company) regarding possible breaches of fiduciary duties and other violations of law related to the Company`s entry into an agreement to be acquired by IDG-Accel China Capital II, L.P. and its affiliates MZ Investment Holdings Limited and MZ Investment Holdings Merger Sub Limited (collectively, IDG) in a transaction valued at approximately $88.5 million. Full Article
Levi & Korsinsky, LLP Announces Investigation Into Possible Breaches Of Fiduciary Duty By Board Of MEMSIC Inc In Connection With Sale Of Company To IDG-Accel China Capital II, LP
Levi & Korsinsky, LLP announced that it is investigating the Board of Directors of MEMSIC, Inc. (MEMSIC or the Company) for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to IDG-Accel China Capital II, LP (IDG) and affiliates. Under the terms of the transaction, MEMSIC shareholders will receive $4.225 for each share of MEMSIC stock they own. Affiliates of IDG currently own approximately 19.5% of the Company`s outstanding stock. The transaction has a total approximate value of $88.5 million. The investigation concerns whether the MEMSIC Board of Directors breached their fiduciary duties to stockholders by failing to adequately shop the Company before agreeing to enter into the transaction, and whether IDG and affiliates are underpaying for MEMSIC stock, thus unlawfully harming MEMSIC stockholders. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate MEMSIC Inc Sale to IDG-Accel China Capital II
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP announced that they are investigating the sale of MEMSIC Inc (MEMS) to IDG-Accel China Capital II, LLP and its affiliates MZ Investment Holdings Limited and MZ Investment Holdings Merger Sub Limited for shareholders. Under the terms of the proposed deal valued at approximately $88.5 million, MEMS shareholders will receive $4.225 in consideration for each share of MEMS stock owned. The MEMS sale investigation centers on whether MEMS` shareholders are receiving adequate compensation for their shares in the proposed deal, whether the transaction undervalues MEMS` stock, and whether MEMS` board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Full Article
MEMSIC Inc to be Acquired by IDG-Accel China Capital II, L.P. and Affiliates
MEMSIC Inc announced that it has agreed to be acquired by IDG-Accel China Capital II, L.P. and its affiliates MZ Investment Holdings Limited and MZ Investment Holdings Merger Sub Limited (collectively, IDG), for $4.225 per share in cash. Affiliates of IDG currently hold approximately 19.5% of the company`s outstanding common stock. IDG and its affiliates will acquire all the outstanding shares of common stock of MEMSIC that are not currently owned by them, including shares underlying outstanding in-the-money equity awards, for approximately $88.5 million. The price of $4.225 per share in cash represents a premium of: 143% over the $1.74 closing price of MEMSIC`s common stock on November 20, 2012, the last trading day before the company announced that it had received a non-binding proposal from IDG-Accel China Growth Fund II L.P. to acquire the company for $4.00 per share; 144% over its average closing share price over the 90 calendar days ended on that date; and 56% over the company`s closing share price of $2. Full Article
MEMSIC Inc Issues Q1 2013 Guidance Below Analysts' Estimates
MEMSIC Inc announced that for the first quarter of 2013, it expects revenue to be between $11-$12 million and GAAP net loss to be in the range of $0.09 to $0.11 per share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $15 million and EPS of $(0.05) for the first quarter of 2013. Full Article
MEMSIC Inc Announces Receipt Of Unsolicited Non-Binding Proposal
MEMSIC Inc announced that its Board of Directors has received an unsolicited, non-binding proposal from IDG-Accel China Growth Fund II L.P., for itself and on behalf of its affiliated funds and certain nominees (collectively, IDG), to acquire all outstanding shares of common stock of MEMSIC not currently owned by IDG or its affiliates for cash in the amount of $4.00 per share. In response to the proposal, the Company's Board of Directors has established a Special Committee of the Board comprised of its three independent directors. The Special Committee has engaged RBC Capital Markets, LLC as its financial advisor to assist it in evaluating this proposal and all other strategic alternatives, and will consider the IDG proposal and related matters carefully in due course, consistent with the Board's fiduciary duties to act in the best interest of stockholders. Full Article
BRIEF-MEMSIC shares soar 50 percent in premarket trading
NEW YORK, April 23 - Memsic Inc : * Shares soar 50 percent in premarket trading
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