MILWAUKEE, Sept. 5, 2013 (GLOBE NEWSWIRE) -- We are investigating the Board of Directors of Astex for possible breaches of fiduciary duty and other violations of state law in connection with the sale of Astex to Otsuka.
Click here to learn how to join the action: http://www.ademilaw.com/case/astex or call Guri Ademi toll-free at 866-264-3995. There is no cost or obligation to you.
Astex's long-term financial outlook is very positive and yet Astex shareholders will receive only $8.50 per share, dramatically less than a minimum $13 per share buyout value placed on Astex by at least one analyst. Otsuka is well aware of Astex's improving financial metrics and is purchasing Astex at a substantial discount. The merger agreement unreasonably limits prospective bids for Astex by (i) prohibiting solicitation of any further bids, and (ii) imposing a termination penalty should Astex receive and accept a superior bid. Astex insiders, their affiliates and other majority shareholders own significant voting units of Astex, and will receive millions of dollars as part of change of control arrangements, and therefore can unduly influence a sale of Astex not necessarily in the best interests of non-insider shareholders. In light of these facts, our investigation centers on the conduct of Astex's Board of Directors, who have unanimously approved the transaction, and whether they are (i) fulfilling their fiduciary duties to all shareholders, and (ii) obtaining a fair and reasonable price for Astex given its current financial condition and prospects.
We specialize in shareholder litigation involving buyouts, mergers, and individual shareholder rights throughout the country. For more information, please feel free to call us. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Ademi & O'Reilly, LLP Guri Ademi 3620 East Layton Ave. Cudahy, WI 53110 Toll Free: (866) 264-3995 Fax: (414) 482-8001 www.ademilaw.comSource:Ademi & O'Reilly, LLP