Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to represent shareholders of PROLOR Biotech. OPKO Health, Inc. (OPK) and PROLOR Biotech, Inc. (NYSE MKT: PBTH) announced that OPKO will acquire PROLOR, in an all-stock transaction. Under the terms of the agreement, holders of PROLOR common stock will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock. Based on a price of $7.03 per share of OPKO common stock, the transaction is valued at approximately $480 million, or $7.00 per share of PROLOR common stock.
The investigation concerns whether the board of directors of PBTH breached their fiduciary duties by not engaging in a full and fair auction in selling the company to obtain the maximum value for shareholders, while, at the same time, negotiating personal pay packages and bonuses for themselves in selling the company to OPKO at this unfairly low price. Indeed, analysts have stated that the true going forward value of PBTH is worth at least $12 per share.
If you are a shareholder of PBTH and would like additional information concerning this matter at no cost or obligation, please contact us toll free at 1-877-772-3975 or email at contact @ tripplevy Less