WILMINGTON, Del.--(BUSINESS WIRE)--Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors (the “Board”) of LogMeIn, Inc. (NASDAQGS: LOGM) (“LogMeIn” or the “Company”) relating to the sale of the Company to private equity firms Francisco Partners and Evergreen Coast Capital Corporation (“Evergreen”). On December 17, 2019, LogMeIn and private equity firms Francisco Partners and Evergreen, an affiliate of Elliott Management Corporation, announced the signing of a definitive merger agreement pursuant to which Francisco Partners and Evergreen will acquire LogMeIn in a merger worth $4.3 billion (the “Merger). As a result of the Merger, LogMeIn shareholders are only anticipated to receive $86.05 per share in cash in exchange for each share of LogMeIn.
Our investigation so far has revealed that the consideration LogMeIn’s shareholders are expected to receive is grossly inadequate. While the Company claims that shareholders will receive a premium for their shares, the $86.05 per share deal consideration is less than the Company’s $86.15 per share closing price on December 14, 2019, the last day of trading before the merger was announced. The $86.05 per share consideration is also considerably less than the $91.00 per share price target that was set by an analyst at Berenberg Capital Markets in October 2019, just two months before the merger was announced.
If you own shares of LogMeIn and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/logmein-class-action-investigation/ or contact Craig J. Springer, Esq. at email@example.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. This notice may constitute Attorney Advertising.