The foundation has advised that investors who purchased shares of TEA prior to 14 November and currently hold any of those TEA shares, have certain options and should contact the Shareholders Foundation.
On 14 November, TEA announced that Starbucks Coffee Company had agreed to acquire TEA, in an all-cash acquisition.
Under the terms of the proposed transaction TEA stockholders of record will receive $15.50 per share in cash in the merger which will result in Teavana Holdings becoming a wholly-owned subsidiary of Starbucks Coffee Company.
However, the plaintiff claims that the $15.50 offer is unfair to TEA stockholders and undervalues the company. At least one analyst has set the high target price for TEA shares at $24 per share and that shares of TEA traded as recently as 2 May as high as $21.47 per share and on 27 February, as high as $24.70 per share.
Source: The Shareholders Foundation
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