ARTHROCARE SHAREHOLDERS NOTICE: Kendall Law Group Investigates Potentially Unfair Acquisition of ArthroCare Corp. by Smith & ...
February 05 2014 - 12:21PM
Business Wire
Kendall Law Group, led by former federal judge Joe Kendall, is
investigating the Board of Directors of ArthroCare Corp.
(NYSE:ARTC) on behalf of shareholders in connection with the sale
of the Company to Smith & Nephew Plc. for possible breaches of
fiduciary duties and other violations of law. The national
securities firm’s investigation seeks to determine whether
ArthroCare and its Board breached their fiduciary duties by failing
to fulfill its fiduciary duties, failing to maximize the value of
the Company, failing to disclose all material benefits and costs,
and failing to obtain the best possible consideration for the
ArthroCare shareholders.
On February 3, 2014, ArthroCare announced that it had entered
into a definitive merger agreement under which Smith & Nephew
would acquire ArthroCare in an all-cash offer which will pay
ArthroCare shareholders $48.25 per share of common stock. The
$48.25 merger consideration is substantially below the three target
prices, including a price of $60.00 set by an analyst at
Craig-Hallum Capital Group on January 8, 2014 and a price of $56.00
set by an analyst at Canaccord Genuity on January 7, 2014. In
addition, the $48.25 merger consideration represents a premium to
shareholders of 6% based on the company's closing price on January
31, 2014. In addition, ArthroCare shares traded above the offer
price as recently as January 27, 2014, and reached a high of $49.95
on January 8, 2014.
If you currently own the common stock of ArthroCare and want to
know more about your rights, you are encouraged to contact Jamie
McKey at the Kendall Law Group at 877-744-3728 or by email at
jmckey@kendalllawgroup.com to learn more about your rights as a
shareholder. Kendall Law Group was founded by a former federal
judge, includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in numerous merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
Kendall Law Group LLPJamie McKey, 877-744-3728Telephone:
214-744-3000Facsimile:
214-744-3015jmckey@kendalllawgroup.comwww.kendalllawgroup.com
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