Shareholder rights firm Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by members of the board of directors of DigitalGlobe, Inc. (NYSE: DGI) relating to the proposed acquisition by GeoEye, Inc. (NASDAQ: GEOY). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information formon the firm’s website.
Robbins Umeda LLP is investigating whether DigitalGlobe’s board is acting in the best interest of shareholders. On May 4, 2012, GeoEye announced a proposal to acquire all outstanding shares of DigitalGlobe for $17.00 per share, payable $8.50 per share in cash and 0.3537 shares of GeoEye stock.
On May 6, 2012, DigitalGlobe’s board issued a press release announcing that it had rejected GeoEye’s acquisition proposal. As DigitalGlobe’s board continues to weigh strategic alternatives, the firm is examining whether officers and directors at the company are working to maximize value for DigitalGlobe shareholders or to preserve their own leadership positions at the company.
Robbins Umeda LLP notes that a potentially appropriate course of conduct for DigitalGlobe shareholders is to file a class action against the company’s board to attempt to ensure that it negotiates with GeoEye and other potential suitors in good faith and in a manner that maximizes shareholder value.