Robbins Umeda LLP Announces an Investigation of Anadys Pharmaceuticals, Inc.
October 17 2011 - 8:32PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, has
commenced an investigation into possible breaches of fiduciary duty
and other violations of state law by members of the board of
directors of Anadys Pharmaceuticals, Inc. (NASDAQ: ANDS) in
connection with their efforts to sell the company to Roche (SIX:
RO, ROG; OYCQX: RHHBY).
On October 17, 2011, Anadys announced that it had entered into a
definitive merger agreement pursuant to which Roche will acquire
all outstanding shares of the company in an all cash tender offer.
According to the terms of the deal, shareholders will receive $3.70
for each share of Anadys they own. The transaction is expected to
close in the first quarter of 2012.
Robbins Umeda LLP's investigation focuses on whether Anadys's
board is undertaking a fair process to obtain maximum value and
adequately compensate shareholders. There are at least two analysts
with price targets of $4.00 per share, both higher than the offer
price.
Robbins Umeda is also investigating whether self-dealing and
other employment guarantees played a part in the decision by the
board to enter into the merger agreement. In the press release
announcing the transaction, the company stated that directors and
officers beneficially owning 7.9% of Anadys shares have agreed to
tender their shares and otherwise support the transaction.
If you own stock in Anadys and would like more information about
your shareholder rights, please contact attorney Gregory E. Del
Gaizo at 800-350-6003 or via the shareholder information form on
the firm's website.
Robbins Umeda LLP represents individual and institutional
shareholders in derivative, direct, and class action lawsuits. The
firm's skilled litigation teams include former federal prosecutors,
former defense counsel from top multinational corporate law firms,
and career shareholder rights attorneys. Robbins Umeda LLP has
helped its clients realize more than $1 billion of value for
themselves and the companies in which they have invested. For more
information, please go to http://www.robbinsumeda.com.
Press release link:
http://www.robbinsumeda.com/shareholders-rights-blog/anadys-pharmaceuticals-inc/
Attorney Advertising. Past results do not guarantee future
outcome.
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