Kendall Law Group Investigates Acquisition of CyberSource Corporation for Shareholders
April 22 2010 - 11:14AM
Business Wire
Kendall Law Group is investigating CyberSource Corporation
(NASDAQ:CYBS) for shareholders in connection to the proposed sale
of the Company to a subsidiary of Visa, Inc. CYBS shareholders, and
anyone with information about the transaction, are encouraged to
contact the Kendall Law Group at 877-744-3258 or by email at
skendall@kendalllawgroup.com. The national securities litigation
firm is investigating whether a fair process was used in shopping
the Company prior to entering into the agreement, and whether the
Board of Directors breached their fiduciary duties by not seeking a
deal that would provide better value of the Company.
On April 21, 2010, CyberSource announced that it had entered
into an agreement to be purchased by a company organized by Visa in
a $2 billion transaction expected to close in the fourth quarter of
2010. According to the agreement, shareholders will receive $26 in
cash per CYBS share owned. CyberSource controls approximately 25%
of all United States ecommerce thru online purchase transactions
and includes Home Depot, British Airways and Facebook among its
295,000 merchant customers. Only about 8% of CYBS revenue came from
outside the US in the fourth quarter of 2009 in a largely untapped
overseas market, which may suggest the deal undervalued foreign
prospects.
Kendall Law Group was founded by a former federal judge, and
includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in many merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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