December 1, 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Lifelock Inc (NYSE:LOCK), was announced concerning whether the takeover of Lifelock Inc by Symantec Corp for $24.00 per share is unfair to NYSE:LOCK stockholders.
The investigation by a law firm concerns whether certain officers and directors of Lifelock Inc breached their fiduciary duties owed to NYSE:LOCK investors in connection with the proposed acquisition.
On November 20, 2016 Symantec Corp. (NASDAQ: SYMC) and Lifelock Inc (NYSE:LOCK) announced that they have entered into a definitive agreement for Symantec to acquire LifeLock for $24 per share or $2.3 billion in enterprise value.
However, the investigation concerns whether the offer is unfair to NYSE:LOCK stockholders. More specifically, the investigation concerns whether the Lifelock 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.
On December 1, 2016, NYSE:LOCK shares closed at $23.89 per share.