The Finish Line, Inc. (NASDAQ: FINL) Investor Lawsuit Against Acquisition By JD Sports Fashion Plc Filed

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Company Name(s): 
The Finish Line
Case Name: 
The Finish Line Deal Case
Case Status: 
Lawsuit Filed
Affected Securities
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 

An investor, who currently holds shares of The Finish Line, Inc. (NASDAQ: FINL), filed a lawsuit in effort to halt the proposed takeover of The Finish Line, Inc. by JD Sports Fashion Plc for $13.50 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: FINL stockholders by agreeing to sell The Finish Line, Inc. cheaply via an unfair process.

On Mar. 26, 2018, The Finish Line, Inc. (NASDAQ:FINL) announced that it has entered into a merger agreement providing for JD Sports Fashion Plc (LSE: JD) to acquire 100% of the issued and outstanding Finish Line shares at a price of $13.50 per share in cash representing an aggregate deal value of approximately $558 million.

However, plaintiff claims that the proposed consideration NASDAQ:FINL shareholders will receive is grossly inadequate and undervalues The Finish Line, Inc. Indeed, at least one analyst has set the high price target for NASDAQ:FINL shares at $17.00 per share. . In addition, the plaintiff alleges that the process is also unfair NASDAQ:FINL stockholders. Indeed