NEW YORK, Dec. 9, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Applied Micro
Circuits Corp. ("AMCC" or the "Company") in connection with the
proposed acquisition of the Company by MACOM Technology Solutions
Holdings, Inc. ("MACOM"). On November
21, 2016, MACOM announced it had reached a definitive
agreement to acquire all outstanding shares of AMCC in a
cash-and-stock transaction valued at $770
million. Under the terms of the agreement, AMCC
shareholders will receive 0.1089 of a MACOM share and $3.25 in cash for each AMCC share owned;
representing consideration of $8.36.
WeissLaw is investigating whether AMCC's Board acted to maximize
shareholder value prior to entering into the agreement.
Notably, prior to the announcement, at least one analyst set a
target price of $11.00 per share, or
nearly $3.00 above the
consideration. Moreover, according MACOM's President and CEO,
the transaction is a strategic acquisition "which [] will be very
accretive at all lines." MACOM expects AMCC's market leading
Connectivity business to be highly complementary to its product
portfolio, accelerating top line growth, strengthening its
competitive position with a new customer segment, and increasing
its operating margins. Finally, upon completion of the
transaction, AMCC shareholders will own a mere 15% of the newly
combined company.
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell AMCC and whether AMCC shareholders will
obtain their fair and proportionate share of the Company's
continued success and future growth prospects. If you own
AMCC shares and would like more information about your rights or
our investigation, or if you have information to share with us,
please contact Joshua Rubin by
telephone at (888) 593-4771 or by email at
stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for
defrauded clients and obtained important corporate governance
relief in many of these cases. If you have information or
would like legal advice concerning possible corporate wrongdoing
(including insider trading, waste of corporate assets, accounting
fraud, or materially misleading information), consumer fraud
(including false advertising, defective products, or other
deceptive business practices), or anti-trust violations, please
email us at stockinfo@weisslawllp.com or fill out the form
on our website,
http://www.weisslawllp.com/applied-micro-circuits-corp/
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SOURCE WeissLaw LLP
