Pervasive Software PVSW In Hostile Takeover - 3 Law Firms Already Investigating Board For Breach Of Fiduciary Duty
Well, quite a day today. Less than 18 hours after this Blog was posted (incl comments 1-11) privately-held Actian made a public proposal to acquire Pervasive for $8.50/share. What is unusual about this offer is that Steve Shine, CEO Actian, stated
"...We are surprised that Pervasive has declined our repeated efforts to engage in negotiations,” continued Mr. Shine. “We look forward to Pervasive’s careful and serious consideration of our proposal and an open dialogue with its Board of Directors to complete this transaction. It remains our strong preference to reach a negotiated agreement with Pervasive, and we are confident that working together, we can reach a mutually agreeable transaction in a quick and efficient manner that will benefit both companies and our respective stakeholders...".
As of 5:00 PM EST Two Law Firms have already launched two separate investigations into possible breaches of fiduciary duty by the Board of Directors. Rigrodsky & Long, P.A. and Levi & Korsinsky, LLP.
Only one thing to say at this point. qed
Update 3 hours later...8:00 pm edst
At 8:00 PM EST Faruqi & Faruqi, LLP issued the following release:
Faruqi & Faruqi, LLP is Seeking More Cash for the Shareholders of Pervasive Software, Inc.
and how do you think these PVSW Institutional holders will react?
46 Institutional Holders
8,961,974 Total Shares Held (54.7%)
ROYCE & ASSOCIATES LLC 06/30/2012 1,461,500
DIMENSIONAL FUND ADVISORS LP 03/31/2012 1,393,073
DIALECTIC CAPITAL MANAGEMENT, LLC 03/31/2012 1,239,125
ARIEL INVESTMENTS, LLC 03/31/2012 703,375
FMR LLC 03/31/2012 613,384
RENAISSANCE TECHNOLOGIES LLC 06/30/2012 613,002
VANGUARD GROUP INC 03/31/2012 419,015
BARCLAYS GLOBAL INVESTORS UK HOLDINGS LTD 03/31/2012 394,619
WESTWOOD MANAGEMENT CORP /TX 06/30/2012 372,891
CANNELL J CARLO 03/31/2012 283,646
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. 06/30/2012 233,289
DALTON GREINER HARTMAN MAHER & CO 06/30/2012 182,365
POLAR CAPITAL LLP 03/31/2012 140,893
TETON ADVISORS, INC. 03/31/2012 115,096
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM 06/30/2012 97,800
...and then there's this short position
Settle Date Short Int Days Cover
July 31 439,717 18.51
July 13 515,713 25.87
June 29 559,704 2.55
June 15 23,758 1.00
Source: nasdaq .com/symbol/pvsw/short-interest