Brower Piven Announces an Investigation of the Acquisition of Cephalon, Inc. by Teva Pharmaceutical Industries Ltd.
May 04 2011 - 10:48AM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Cephalon, Inc. (“Cephalon”)
(NASDAQ:CEPH) and other violations of state law by the board of
directors of Cephalon relating to the proposed acquisition of the
company by Teva Pharmaceutical Industries Ltd. (“Teva”). The firm’s
investigation seeks to determine, among other things, whether the
board breached their fiduciary duties by failing to maximize
shareholder value.
On May 2, 2011, Cephalon and Teva jointly announced that they
had entered into a definitive agreement under which Teva will
acquire all of the outstanding shares of Cephalon for $81.50 per
share in cash, or a total enterprise value of approximately $6.8
billion. The transaction is expected to be completed in the third
quarter of 2011. However, the merger price represents only a 6%
premium to Cephalon’s closing price on April 29, 2011, the last
trading day before the announcement of the acquisition. Cephalon
has recently performed well. Indeed, one securities analyst
recently raised his price target to $92 per share. And another
analyst recently stated that the appropriate takeover value is
approximately $119 per share.
If you currently own shares of Cephalon and would like to learn
more about the investigation being conducted by Brower Piven, you
may email or call Brower Piven, who will, without obligation or
cost to you, attempt to answer your questions. You may contact
Brower Piven by email at hoffman@browerpiven.com, by calling
410/415-6616, or at Brower Piven, A Professional Corporation, 1925
Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower
Piven have combined experience litigating securities and other
class action cases of over 60 years.
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