BUYOUT OF ASTEX - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
September 5, 2013
New York, New York
Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it is investigating the acquisition of Astex Pharmaceuticals on behalf of shareholders. Otsuka Pharmaceutical Co., Ltd. ("Otsuka") and Astex Pharmaceuticals, Inc. (ASTX) ("Astex"), announced hat their respective Boards of Directors have unanimously approved a transaction under which Otsuka will acquire all of the outstanding shares of Astex for $8.50 per share in cash.
The investigation concerns whether the board of directors and senior management of Astex have breached their fiduciary duties by not engaging in a full and fair process to insure that shareholders receive the maximum value for their shares and that management is not obtaining personal benefits for themselves in selling the company for an unfairly low price. Indeed, analysts have projected that the stock is worth at least $13 per share and the company has approx. $134 million of cash on no debt making for $1.40 in cash which will go to Otsuka to reduce the value of the purchase price to it to only $7.10 per share.
If you are a shareholder of Astex and would like additional information as to how you can participate with other shareholders who are seeking a higher price, at no cost or expense, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy