Rofin-Sinar Technologies (NASDAQ:RSTI) Investor Lawsuit Against Acquisition By Coherent, Inc Filed

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Company Name(s): 
Rofin-Sinar Technologies
Case Name: 
Rofin-Sinar Technologies Deal Case 05/09/2016
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: RSTI
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
05/09/2016
Summary: 

May 10, 2016 (Shareholders Foundation) - An investor who currently holds shares of Rofin-Sinar Technologies (NASDAQ:RSTI), filed a lawsuit in effort to halt the proposed takeover of Rofin-Sinar Technologies by Coherent, Inc for $32.50 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RSTI stockholders by agreeing to sell Rofin-Sinar Technologies too cheaply via an unfair process to Coherent, Inc.

On March 16, 2016, Coherent, Inc. and Rofin-Sinar Technologies (NASDAQ:RSTI) announced that their Boards of Directors have approved an agreement under which Coherent will acquire Rofin-Sinar Technologies (NASDAQ:RSTI) for $32.50 per share in cash, in a transaction valued at approximately $942 million.

However, plaintiff claims that the proposed consideration NASDAQ:RSTI shareholders will receive is grossly inadequate and undervalues Rofin-Sinar Technologies. Indeed, at least one analyst has set the high target price for NASDAQ:RSTI shares at $33.00 per share. In addition, the plaintiff alleges that the process is also unfair to Rofin-Sinar Technologies stockholders.