BUYOUT OF SANTARUS - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
NEW YORK, Nov. 7, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading securities and shareholder rights law firm, announces that it is investigating the acquisition of Santarus, Inc. (SNTS) by Salix Pharmaceuticals, Ltd. (SLXP). Salix and Santarus announced that the companies have entered into a definitive merger agreement under which Salix will acquire all of the outstanding common stock of Santarus for $32.00 per share in cash.
The investigation concerns whether the board of directors of Santarus breached their fiduciary duties by not engaging in a full and fair process to insure that shareholders obtained the maximum value for their shares. Indeed, Santarus reported financial and operating results for the quarter and nine months ended September 30, 2013. Key financial results include: Total revenues of $98.8 million grew 81% compared with $54.7 million for the third quarter of 2012; and Net income of $30.3 million, or $0.38 diluted earnings per share (EPS), compared with $9.0 million, or $0.13 diluted EPS for the third quarter of 2012. Moreover, certain directors and officers of Santarus, who owned approximately 12 percent of Santarus' total outstanding stock have agreed to tender their shares into the offer and vote against any competing bids to acquire Santarus.
If you are a shareholder of Santarus and would like additional information, at no cost, as to how this acquisition may affect your rights as a shareholder, please contact us at:
Tripp Levy PLLC
New York, New York
Toll free: 1-877-772-3975
Tripp Levy PLLC has extensive experience in mergers and takeovers and has assisted in the recovery of millions of dollars for shareholders around the globe. Attorney advertising. Prior results do not indicate a similar outcome.