MONSEY, N.Y., Jan. 10, 2022 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of Zynga, Inc. ( ZNGA) (“Zynga”) acted in the best interests of ZNGA shareholders in approving the proposed acquisition of Zynga by Take-Two Interactive Software, Inc. ( TTWO) (“Take-Two”). If you remain a ZNGA shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:
https://wohlfruchter.com/cases/zynga/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
Why is there an investigation?
On January 10, 2022, before the markets opened, Take-Two announced that it plans to acquire all of the outstanding shares of Zynga for $9.86 per share, comprised of $3.50 in cash and $6.36 in shares of Take-Two common stock. The deal has already been approved by the board of directors of both companies.
Wohl & Fruchter’s investigation concerns whether Zynga’s board acted in the best interests of ZNGA shareholders in approving the acquisition by Take-Two, including whether the acquisition price, and mix of cash and common stock adequately compensates ZNGA shareholders, and whether all information regarding approval of the transaction has been fully disclosed. According to CNBC’s David Faber, Zynga is said to not have engaged in a sales/auction process before agreeing to the acquisition by Take-Two.
Further, based on twelve Wall Street analysts offering 12-month price targets for Zynga in the last 3 months, the average price target is $10.63, with a high forecast of $13.00, both of which are above the proposed acquisition price of $9.86. Moreover, MKM Partners, a premier research firm, recently named Zynga as a top pick for 2022 because “Zynga is well set up for double-digit bookings growth in 2022 paced by new game releases and contributions from the recent acquisitions. In addition, we see an attractive FCF story building over the next 24-months as the company is approaching the last of its M&A related earnout payments in 1Q22.”
About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com
