Robbins Umeda LLP Is Investigating Cephalon, Inc. Acquisition for Shareholders
May 02 2011 - 4:57PM
Business Wire
Robbins Umeda LLP, a shareholder rights litigation firm, is
interested in helping shareholders of Cephalon, Inc. (NASDAQ:
CEPH). The 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 Cephalon in connection with
their efforts to sell Cephalon to Teva Pharmaceutical Industries
Ltd. (NASDAQ: TEVA).
If you own stock in Cephalon and would like more information
about your shareholder rights, please contact Gregory E. Del Gaizo
at 800-350-6003 or via the shareholder information form on our
website.
On May 2, 2011, Teva and Cephalon announced that their boards of
directors have approved a definitive agreement under which Teva
will acquire all outstanding shares of Cephalon for $81.50 per
share. The transaction is expected to be completed in the third
quarter of 2011.
The investigation focuses on whether Cephalon's board is
undertaking a fair process to obtain maximum value for its
shareholders. The purchase price of $81.50 represents only a 6%
premium to Cephalon's closing price on April 29, 2011, the last
trading day prior to the acquisition announcement. One analyst
raised its price target of $92 following the company's record sales
and strong earnings reported on February 20, 2011. Moreover,
another analyst stated in their March 30, 2011 report that they
"believe that appropriate takeover value is approximately $119 per
share."
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/cephalon-inc/
Attorney Advertising. Past results do not guarantee a similar
outcome.
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