BUYOUT OF PALOMAR - LAW FIRM SEEKS HIGHER PRICE FOR SHAREHOLDERS
March 18, 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 Palomar Medical Technologies by Cynosure Inc.. Cynosure said Palomar shareholders will get $13.65 per share of Palomar common stock, a premium of 8 percent to the stock's closing price on Friday. Shareholders will get $6.825 per share in cash and $6.825 in Cynosure common stock.
The investigation concerns whether the board of directors of Palomar breached their fiduciary duties by not obtaining the highest price possible for shareholders, while not, at the same time, negotiating personal pay packages for themselves to sell the company at this price. Indeed, analysts project the true price of the company is worth at least $14.50 per share and the company has no debt and at least $90 million of cash on its books or $4.40 per share in cash which will go to Cynosure, meaning they are only paying $9.25 per share.
If you are a shareholder of Palomar and would like more information regarding this investigation and your rights as a shareholder, at no cost or expense, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy
..the actual cash/equity bid from Cynosure looks like a test....knowing that the final price can be/has to higher....and why should Cynosure offer a higher price at the beginning when there is no pressure...so wait and see....scenarios: lawyers get better bid (a), or b) a counter-bid from the competition or bigger players