Key Developments: Netspend Holdings Inc (NTSP.O)
15.99USD
18 Jun 2013
$0.01 (+0.06%)
$15.98
$16.01
$16.02
$15.98
153,271
561,110
$16.11
$7.18
Latest Key Developments (Source: Significant Developments)
NetSpend Holdings Inc Announces Court Order
NetSpend Holdings Inc announced that on May 21, 2013 the Court of Chancery of the State of Delaware ("Court") issued a memorandum opinion in Koehler v. NetSpend Holdings, Inc. et al. denying the plaintiff`s motion for a preliminary injunction, which sought to enjoin a shareholder vote on the Company`s proposed merger with Total System Services, Inc., a Georgia corporation, while finding that a reasonable likelihood exists that the sales process undertaken by the NetSpend Board of Directors was not designed to produce the best price for the stockholders. NetSpend believes that its Board of Directors acted appropriately and pursued a process intended to achieve the best price for the Company and intends to continue to vigorously defend itself in the litigation. The Court`s ruling will not affect the timing of the Company`s special meeting of stockholders, which will be held as scheduled on May 31, 2013. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Board Of Directors Of NetSpend Holdings Inc
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of NetSpend Holdings, Inc. for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Total System Services, Inc. in a deal valued at approximately $1.4 billion in cash. Under the terms of the proposed transaction, NetSpend’s stockholders will receive $16.00 for each share of NetSpend common stock they own. The investigation focuses on whether NetSpend’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 NetSpend’s shareholders. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of NetSpend Holdings Inc Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of NetSpend Holdings Inc regarding possible breaches of fiduciary duties and other violations of law related to the Company's entry into an agreement to be acquired by Total System Services, Inc. (TSS) in a transaction valued at approximately $1.4 billion. The investigation concerns whether NetSpend's board of directors failed to adequately shop the Company and obtain the best possible value for NetSpend's shareholders before entering into an agreement with TSS. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Board Of Directors Of NetSpend Holdings Inc
Faruqi & Faruqi, LLP, a national securities firm headquartered in New York City, announced that it is investigating the Board of Directors of NetSpend Holdings Inc for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Total System Services, Inc. in a deal valued at approximately $1.4 billion in cash. Under the terms of the proposed transaction, NetSpend’s stockholders will receive $16.00 for each share of NetSpend common stock they own. The investigation focuses on whether NetSpend’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 NetSpend’s shareholders. Full Article
Law Firm Kirby McInerney LLP Investigating Potential Claims On Behalf Of NetSpend Holdings Inc Shareholders
Kirby McInerney LLP announced that it is investigating potential claims against the Board of Directors of NetSpend Holdings Inc related to the proposed acquisition of the Company by Total System Services, Inc. . Under the terms of the agreement, TSYS will acquire all of the outstanding common stock of Netspend for $16.00 per share in cash, for a total transaction value of approximately $1.4 billion. The investigation concerns whether the Netspend Board of Directors violated its fiduciary duties by agreeing to this transaction and whether the proposed $16.00 per share consideration adequately values Netspend common shares. The offer price represents an approximate 30% premium to the price of shares on February 18, 2013, the day before the deal was announced. Full Article
Federman & Sherwood Investigates NetSpend Holdings Inc. For Possible Breaches Of Fiduciary Duty
The law firm of Federman & Sherwood announced that it has initiated an investigation into NetSpend Holdings, Inc. (NetSpend) with respect to possible breaches of fiduciary duty by the Company's officers and directors, as well as violations of state law, in connection with the purchase offer by Total System Services, Inc. (TSYS). On February 19, 2013, NetSpend announced that it had agreed to be acquired by TSYS, whereby TSYS would acquire all outstanding shares of NetSpend common stock in a cash offer of approximately $16.00 per NetSpend share, or approximately $1.4 billion. According to Bloomberg, this merger is being supported by JLL Partners, Inc., a 38% shareholder of NetSpend, as JLL has agreed to vote in favor of the deal, which may not necessarily be in the best interests of non-insider shareholders. Given NetSpend`s long-term, improving financial outlook, this merger limits prospective bids by other purchasers by imposing a termination penalty should NetSpend receive and accept a higher bid. If approved, this transaction is expected to close in mid-2013, subject to regulatory approval and approval by NetSpend shareholders. Full Article
Rigrodsky & Long, P.A. Announces Investigation Of NetSpend Holdings Inc Buyout
Rigrodsky & Long, P.A. announced that it is investigating potential legal claims against the board of directors of NetSpend Holdings, Inc. (NetSpend 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 TeleCommunication Systems, Inc. (TSYS) in a transaction valued at approximately $1.4 billion. Under the terms of the proposal, public shareholders of NetSpend will receive $16.00 per share in cash for each share of NetSpend they own. The investigation concerns whether NetSpend`s board of directors failed to adequately shop the Company and obtain the best possible value for NetSpend`s shareholders before entering into an agreement with TSYS. Full Article
Ryan & Maniskas, LLP Announces Investigation Of NetSpend Holdings Inc
Ryan & Maniskas, LLP announced that it is investigating potential claims against the board of directors of NetSpend Holdings, Inc. (NetSpend or the Company) concerning possible breaches of fiduciary duty and other violations of law related to the Company's efforts to sell the Company to Total System Services, Inc. in a transaction valued at approximately $1.4 billion. This investigation concerns possible breaches of fiduciary duty and other violations of law related to the approval of the transaction by the Company's board of directors; in particular, whether the Company undertook a fair process to obtain fair consideration for all shareholders of NetSpend. Under the terms of the transaction, NetSpend shareholders will receive $16.00 per share of NetSpend stock they own. Full Article
Briscoe Law Firm and Powers Taylor, LLP Investigate On NetSpend Holdings Inc
Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of NetSpend Holdings Inc to TSYS for shareholders. Under the terms of the proposed deal valued at approximately $1.4 billion, NetSpend shareholders will only receive $16.00 in cash for each share of common stock owned.The NetSpend sale investigation centers on whether NetSpend shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues NetSpend`s stock, and whether NetSpend`s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. Full Article
Newman Ferrara LLP Announces Investigation of NetSpend Holdings Inc
Newman Ferrara LLP announced that it is investigating potential claims against the board of directors of NetSpend Holdings Inc(Netspend) concerning the proposed acquisition of Netspend by Total System Services Inc. . On February 19, 2013, Netspend announced that it had entered into an agreement and plan of merger to be acquired by TSYS in a cash deal valued at approximately $1.4 billion. Under the terms of the agreement, Netspend`s shareholders will only receive $16.00 in cash per share of Netspend stock owned. Full Article
Payment processor TSYS to buy NetSpend for $1.4 billion
- Payment processor Total System Services Inc (TSYS) said it will buy prepaid debit card provider NetSpend Holdings Inc for about $1.4 billion in cash to expand its presence in the prepaid card market and target new customers.
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