Robbins Arroyo LLP: Acquisition of Move, Inc. (MOVE) by News Corp (NWSA) May Not Be in Shareholders’ Best Interests
Robbins Arroyo LLP is investigating the proposed acquisition of Move, Inc. (NASDAQ: MOVE) by News Corporation (NASDAQ: NWSA). On September 30, 2014, the companies announced that Move and News Corp signed a definitive merger agreement pursuant to which News Corp will acquire all outstanding shares of Move for $21.00 per share in cash.
Is the Proposed Acquisition Best for Move and Its Shareholders?
Robbins Arroyo LLP’s investigation focuses on whether the board of directors at Move is undertaking a fair process to obtain maximum value and adequately compensate its shareholders.
Notably, on July 29, 2014, Move released its second quarter 2014 earnings, reporting strong increases in revenue. Specifically, revenue for the quarter increased $3.8 million to $61.3 million over the second quarter of 2013. Additionally, consumer advertising revenue and software and services revenue increased 6% and 8% year-over-year to $47.4 million and $13.9 million, respectively. In commenting on these results, Steve Berkowitz, Move’s Chief Executive Officer noted, “There is enormous value to be created in this business. We believe that because our platform is populated with better content from actual realtors, there is huge opportunity ahead of us.”
In light of these facts, Robbins Arroyo LLP is examining Move’s board of directors’ decision to sell the company now, rather than allow shareholders to continue to participate in the company’s continued success and future growth prospects.
Move shareholders have the option to file a class action lawsuit to ensure the board of directors obtains the best possible price for shareholders and the disclosure of material information.
Move shareholders interested in information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.