WILMINGTON, Del., May 8, 2014 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, is investigating potential breach of fiduciary duty claims against the Board of Directors of Chelsea Therapeutics International, Ltd. ("Chelsea" or the "Company") relating to the sale of the Company to H. Lundbeck A/S ("Lundbeck"). On May 8, 2014, the two companies announced the signing of a definitive merger agreement pursuant to which Lundbeck will acquire Chelsea in a merger via a tender offer. As a result of the merger, Chelsea shareholders are only anticipated to receive $6.44 per share in cash in exchange for each share of Chelsea they own. Chelsea shareholders could earn up to an additional $1.50 per share pursuant to certain contingent value rights ("CVRs") if certain milestones are achieved. If the CVRs are satisfied, the deal could be worth $658 million.
Our investigation so far has revealed that the consideration Chelsea shareholders are expected to receive is inadequate. While the Company claims that shareholders will receive a premium for their shares, the Company recently traded as high as $6.26 as of March 19, 2014. Also, analysts at Yahoo! Finance have set a $12.00 per share price target for Chelsea, which is approximately 51% more than what Chelsea shareholders are expected to receive even assuming the CVRs are satisfied.
Andrews & Springer is investigating whether Chelsea directors are breaching their fiduciary duties by failing to adequately shop the company and maximize shareholder value.
If you own shares of Chelsea and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/chelsea or contact Craig J. Springer, Esq. at firstname.lastname@example.org, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
CONTACT: Craig J. Springer, Esq. email@example.com 1-800-423-6013Source:Andrews & Springer LLC