WeissLaw LLP: Salix Pharmaceuticals Ltd. Acquisition By Valeant Pharmaceuticals International, Inc. May Not Be In The Best Interest of SLXP Shareholders
NEW YORK, Feb. 24, 2015 /PRNewswire/ -- The fairness of the proposed acquisition of Salix Pharmaceuticals Ltd. ("SLXP" or the "Company") by Valeant Pharmaceuticals International, Inc. ("Valeant") is being investigated by WeissLaw LLP, a national class action, shareholder rights law firm. The investigation focuses on possible breaches of fiduciary duty and other violations of law by the Board of Directors of SLXP for agreeing to sell the Company to Valeant. On February 22, 2015, the Company announced a definitive agreement for Valeant to acquire SLXP in a transaction valued at approximately $10.1 billion. Under the terms of the agreement, SLXP shareholders will receive $158.00 in cash for each SLXP share they own.
WeissLaw is investigating whether SLXP's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a price target of $185 per share, or approximately $27 above the offer price. In addition, the offer price represents a premium of less than 0.1% based on the Company's February 20, 2015 closing price of $157.85.
Given these facts, WeissLaw is investigating whether SLXP's Board acted in the best interests of SLXP's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with Valeant. If you own SLXP 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 or Kelly Keenan by telephone at (888) 593-4771 or by email at [email protected].
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 [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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WeissLaw LLP
Joshua Rubin
Kelly Keenan
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New York, NY 10036
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www.weisslawllp.com
[email protected]
SOURCE WeissLaw LLP
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