Group Seeks Investors Unhappy With Hypercom's Rejection Of VeriFone Offer

Published October 07, 2010, 9:32 a.m. EDT

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Updated October 07, 2010, 2:48 p.m. EDT

1 Min Read

An investor advocacy group is searching for Hypercom Corp. investors who feel jilted after the vendor's board last week turned down an unsolicited bid from rival VeriFone Inc. for more than $280 million (see story).

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San Diego-based Shareholders Foundation Inc. announced Wednesday an "investigation on behalf of investors of Hypercom Corp. over possible breaches of fiduciary duties."

Last week, VeriFone Systems Inc. announced a bid to buy rival Hypercom at $5.25 per share. Less than a day later, Hypercom turned down the offer, saying the price undervalued the company. Hypercom's shares have been trading in the $3 to $5 range for much of this year and have not cracked $6 since 2007.

This was the second unsolicited bid Scottsdale, Ariz.-based Hypercom's board has rejected in recent years.

French terminal maker Ingenico SA offered to buy Hypercom in 2008 at $6.25 per share.

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