TiVo Shareholder Files Complaint to Stop Xperi Buy; Seeks More Information

A TiVo shareholder filed a complaint in U.S. District Court in Delaware seeking class-action status in the proposed Xperi/TiVo deal, announced in December. Tuesday's complaint (in Pacer) by Jordan Rosenblatt alleges a registration document filed with the SEC omits material information about the proposed $3.5 billion transaction, rendering the filing “false and misleading.” It seeks to stop the companies from completing the transaction until more information is provided. Shares of TiVo and Xperi stockholders would be converted into shares of a new parent company based on a fixed exchange ratio of 0.455 Xperi share per existing TiVo share. Xperi stockholders would own about 46.5%, TiVo stockholders 53.5% (see 1912190049). The companies didn’t comment Thursday.