The Shareholders Foundation announces that an investor, who currently holds shares of Peregrine Semiconductor Corp (NASDAQ:PSMI), filed a lawsuit in effort to halt the proposed takeover of Peregrine Semiconductor Corp by Murata Electronics North America, Inc., a wholly owned subsidiary of Murata Manufacturing Co., Ltd .
The investigation by a law firm concerns whether certain officers and directors of Peregrine Semiconductor Corp breached their fiduciary duties owed to NASDAQ:PSMI investors in connection with the proposed acquisition.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:PSMI stockholders by agreeing to sell Peregrine Semiconductor Corp. too cheaply via an unfair process to rata Electronics North America, Inc., a wholly owned subsidiary of Murata Manufacturing Co., Ltd.
On August 22, 2014, Murata Electronics North America, Inc., a wholly owned subsidiary of Murata Manufacturing Co., Ltd., (TSE/OSE 6981) and Peregrine Semiconductor Corporation (NASDAQ: PSMI) announced that they have entered into an agreement under which Murata will acquire all outstanding shares of Peregrine not owned by Murata, for $12.50 per share in cash, or a total transaction value of$471 million ($465 million excluding Murata’s existing holding).
