An investigation on behalf of investors of Mattress Firm Holding Corp (NASDAQ:MFRM) in connection with the proposed takeover was announced and NASDAQ:MFRM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/15/2016 -- The takeover of Mattress Firm Holding Corp is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NASDAQ:MFRM shares, was announced concerning whether the takeover of Mattress Firm Holding Corp. by Steinhoff International Holdings N.V. for $64.00 per share is unfair to NASDAQ:MFRM stockholders.
Investors who purchased shares of Mattress Firm Holding Corp (NASDAQ:MFRM) and currently hold any of those NASDAQ:MFRM shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Mattress Firm Holding Corp breached their fiduciary duties owed to NASDAQ:MFRM investors in connection with the proposed acquisition.
On August 08, 2016, Mattress Firm Holding Corp announced that the Company and Steinhoff International Holdings N.V. have entered into a merger agreement under which Steinhoff International Holdings N.V. will, subject to the successful consummation of a cash tender offer and satisfaction of other customary closing conditions, acquire Mattress Firm for $64.00 per share in cash.
However, given that NASDAQ:MRFM shares reached as high as $71.03 per share in November 2014, the investigation concerns whether the offer is unfair to NASDAQ:MFRM stockholders. More specifically, the investigation concerns whether the Mattress Firm Holding 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.
Mattress Firm Holding Corp reported that its Total Revenue rose from over $1.8 billion for the 53 weeks period that ended on February 3, 2015 to over $2.54 billion for the 52 weeks period that ended on February 2, 2016 and that its Net Income for those respective time periods grew from $44.25 million to $64.52 million.
On August 12, 2016, NASDAQ:MFRM shares closed at $63.84 per share.
Those who purchased shares of Mattress Firm Holding Corp have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com