AsiaInfo-Linkage, Inc. (NASDAQ:ASIA) Investor Files Lawsuit Over Alleged Wrongdoing In Connection With Takeover By CITIC Capital Holdings Ltd

If you purchased shares of AsiaInfo-Linkage, Inc. (NASDAQ:ASIA) prior to May 13, 2013, and currently hold any of those NASDAQ:ASIA shares, you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
AsiaInfo-Linkage
Case Name: 
AsiaInfo-Linkage Deal Case 05/24/2013
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: ASIA
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
05/24/2013
Summary: 

May 24, 2013 (Shareholders Foundation) - An investor, who currently hold NASDAQ:ASIA shares, filed a lawsuit in effort to stop the proposed takeover of AsiaInfo-Linkage, Inc. by CITIC Capital Holdings Ltd for $12.00 per NASDAQ:ASIA share.

The plaintiff claims that the defendants allegedly breached their fiduciary duties owed to NASDAQ:ASIA stockholders by agreeing to sell the company too cheaply via an unfair process.

On May 13, 2013, AsiaInfo-Linkage, Inc. and CITIC Capital Partners, the private equity arm of CITIC Capital Holdings Ltd. announced the signing of a merger agreement under which AsiaInfo-Linkage will be acquired by a private investor consortium led by CITIC Capital Partners.
Under the terms of the merger agreement, upon completion of the acquisition the stockholders of AsiaInfo-Linkage will receive US$12.00 in cash for each AsiaInfo-Linkage share of common stock they hold.

However, the plaintiff alleges that the $12.00-offer is too low and undervalues the company. In fact, NASDAQ:ASIA shares traded in 2012 as high as $13.75 and in 2011 as high as $22.65 per share and that at least one analyst has set the high target price at $16.00 per share.

The plaintiff seeks to stop the buyout under the present terms.

On May 21, 2013, NASDAQ:ASIA shares closed at $11.60 per share.