Rentrak Corporation (NASDAQ:RENT) Investor Investigation Concerning Possible Wrongdoing In Acquisition Announced

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September 28, 2015 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Rentrak Corporation (NASDAQ:RENT), was announced concerning whether the takeover of Rentrak Corporation by comScore, Inc for a value of approximately $49.62 per share is unfair to NASDAQ:RENT stockholders.

The investigation by a law firm concerns whether certain officers and directors of Rentrak Corporation breached their fiduciary duties owed to NASDAQ:RENT investors in connection with the proposed acquisition.

On September 29, 2015, comScore, Inc. and Rentrak Corporation (NASDAQ: RENT) announced that the companies have entered into a merger agreement under which the companies will combine in a stock-for-stock merger. Pursuant to the terms of the merger, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore. Based on a closing price of $43.15 per share of NASDAQ:SCOR shares on September 28, 2015 shareholders of Rentrak Corporation (NASDAQ:RENT) will receive approximately $49.62 per share.

However, given that at least one analyst has set the high target price for NASDAQ:RENT shares at $100.00 per share and that NASDAQ:RENT shares traded in the open market as recently as as high as $71.95 per share, the investigation concerns whether the offer is unfair to NASDAQ:RENT stockholders. More specifically, the investigation concerns whether the Rentrak Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Rentrak Corporation reported that its Total Revenue rose from $75.60 million for the 12 months period that ended on March 31, 2014 to $102.92 million for the 12 months period that ended on March 31, 2015 and that its Net Loss for those respective time periods declined from $4.25 million to $1.99 million.

Shares of Rentrak Corporation (NASDAQ:RENT) reached as high as $84.10 per share in November 2014.