Een kudde aandeelhouders van Diamond heeft S3 voor de rechter gedaagd, omdat ze niet helemaal gelukkig zijn met de overname van Diamond door S3. Volgens de aandeelhouders wordt het vermogen van Diamond in deze deal onder gewaardeerd:
A gang of shareholders in Diamond Multimedia have sued the company in an attempt to block its takeover by 3D graphics specialist S3.The shareholders claim S3's $200 million acquistion through a share swap undervalues Diamond's stock. S3 is offering one of its own shares for 1.9 Diamond shares, but the shareholders described that as a "bargain basement" price.
The suit, filed with the Santa Clara County, California Superior Court states: "The intrinsic value of the equity of [Diamond] is materially greater than the consideration proposed." That, they claim, means Diamond's directors have failed their statutory obligation to maximise the value of the shareholders' stock.
Do the shareholders have a point? Arguably not. S3's acquisition proposal was made before Diamond released its most recent financial results, for its second quarter, ended 30 June (the acquisition proposal was made on 22 June). The figures showed the company's revenues had fallen 34 per cent year on year despite an improvement in Diamond's loss.
Fiets richting The Register voor meer info over deze kwestie.
