Large Firm Sophistication – Small Firm Values

Andre Springer

Tangoe, Inc.

TANGOE (TNGO) SHAREHOLDER ALERT - Andrews & Springer LLC Is Seeking More Cash for Shareholders of Tangoe, Inc.   

(Wilmington, DE) Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Tangoe, Inc. (Other OTC: TNGO) (“Tangoe” or the “Company”) relating to the sale of the Company to Marlin Equity Partners (“Marlin”). On April 28, 2017, the two parties announced the signing of a definitive merger agreement pursuant to which Marlin will acquire Tangoe in a merger, via a tender offer, worth $242.6 million. As a result of the merger, Tangoe shareholders are only anticipated to receive $6.50 per share in cash in exchange for each share of Tangoe.

Andrews & Springer’s investigation thus far, has revealed that the process leading up to the announcement of the merger appears to have been flawed containing conflicts of interest. On January 3, 2017, Tangoe announced that it received two buyout offers that were higher than the current $6.50 per share consideration shareholders are expected to receive: 1. An offer from Marlin for $7.50 per share and 2. Clearlake Capital and Vector Capital for $7.00 per share.   

Our investigation is also examining the inadequate consideration Tangoe shareholders are expected to receive. Stifel Nicolaus, Tangoe’s own financial advisor who issued a fairness opinion concluding that $6.50 per share was a fair price to shareholders, previously had an $8.00 per share price target set for Tangoe, but ultimately lowered in a follow-up report issued on May 1, 2017.