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SPSS Board Faces Shareholder Investigation
An investigation is being conducted by SPSS shareholders who believe that the firm's recent acquisition by IBM 'appears to be unfair'.
News of the $1.2bn deal broke last week, when it was announced that the go-ahead would be subject to shareholder approval, regulatory clearances and other conditions.
Shareholders are now saying that SPSS failed to conduct an open and fair auction and that the offer to purchase SPSS for $50 per share appears 'opportunistically timed' to take advantage of the current economic downturn.
The investigation is focused on whether the SPSS Board of Directors fulfilled their fiduciary duties to maximize shareholder value in connection with the proposal.
A second investigation describes the deal as 'suspicious' because it appears from a review of the company's financial statements that stock value is greater than $50 per share, and because the 'same Directors that are approving the deal are receiving swanky new jobs at IBM'.
Those who purchased shares before the IBM acquisition deal was announced and / or have additional information relating to the investigation have been asked to contact the Shareholders Foundation.
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