BroadSoft Inc (NASDAQ:BSFT) Investor Lawsuit Against Acquisition Filed

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Company Name(s): 
BroadSoft
Case Name: 
BroadSoft Deal Case 12/06/2017
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: BSFT
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
12/06/2017
Summary: 

An investor, who currently holds shares of BroadSoft Inc (NASDAQ:BSFT), filed a lawsuit in effort to halt the proposed takeover of BroadSoft Inc. by Cisco.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:BSFT stockholders by agreeing to sell BroadSoft Inc cheaply via an unfair process to Cisco.

On October 23, 2017 – Cisco (NASDAQ: CSCO) and BroadSoft Inc (NASDAQ:BSFT) announced an agreement for Cisco to acquire publicly-held BroadSoft Inc (NASDAQ:BSFT). Pursuant to the agreement, Cisco will pay $55 per share, in cash, in exchange for each share of BroadSoft Inc (NASDAQ:BSFT), or an aggregate purchase price of approximately $1.9 billion net of cash, assuming fully diluted shares including conversion of debt.

However, plaintiff claims that the proposed consideration NASDAQ:BSFT shareholders will receive is grossly inadequate and undervalues BroadSoft Inc. BroadSoft Inc (NASDAQ:BSFT) reported that its annual Total Revenue rose from $278.84 million in 2015 to $340.96 million in 2016. In addition, the plaintiff alleges that the process is also unfair NASDAQ:BSFT stockholders.