STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Actuate Corporation (“Actuate” or the “Company”) (Nasdaq: BIRT) relating to the proposed buyout of the Company by OpenText Corporation (“OpenText”).
On December 5, 2014, Actuate announced the signing of a definitive merger agreement pursuant to which OpenText will acquire Actuate in a transaction valued at approximately $330 million. Under the terms of the merger agreement, an affiliate of OpenText will commence a tender offer to the shareholders of Actuate to purchase any and all shares of common stock they hold for $6.60 in cash per share. The transaction is expected to close in the first quarter of 2015, though Actuate shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to shareholders, including whether the Board adequately pursued alternatives to the acquisition and whether the Board obtained the best price possible for the Company’s shares of common stock, especially given the Company’s strong balance sheet and the $7.00 per share price target issued by at least one Wall Street analyst.
If you currently own common stock of Actuate and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.