Premiere Global Services, Inc. ("PGI") is a multinational corporation and global provider of conferencing and collaboration solutions. Its products include audio conferencing, web conferencing, webcasting, video conferencing, and virtual meeting solutions such as iMeet and GlobalMeet. On September 10, 2015, PGI and Siris issued a joint press release (the “Press Release”) announcing that they had entered into a definitive Agreement and Plan of Merger (the “Merger Agreement”) whereby Siris would purchase all outstanding PGI shares for $14.00 per share in cash, for an aggregate purchase price of approximately $1 billion including debt.
The Complaint alleges that the Merger Consideration that Siris has offered to PGI’s public stockholders is grossly unfair and inadequate because the intrinsic value of PGI’s common stock is materially in excess of the amount offered, giving due consideration to, among other things, the Company’s growth and anticipated operating results, net income, and profitability. The Complaint further alleges that the process by which Defendants propose to consummate the Proposed Transaction is fundamentally unfair to Plaintiff and the other common stockholders of PGI. Finally, the Complaint alleges that Defendants have asked PGI’s stockholders to support the Proposed Transaction based upon the materially incomplete and misleading representations and information contained in the Proxy.
This case was voluntarily dismissed on December 4, 2015.