Final proposals were due August 9. Companies C and D never got to put theirs in.
This afternoon's filing makes for interesting reading, starting at page 14. What is especially interesting is that of the 5 companies looking to bid, 2 of them never actually got to place their final bids, which were due on August 9, because management decided that even before seeing those bids, that it was imperative that they accept Cubist's offer and not wait the additional 10 days for the other two bids. How exactly was accepting an offer without even seeing the other 2 expected bids in the shareholders' best interest, particularly when those other 2 offers were set to be seen within only 2 more weeks?
Litigations each generally allege that our directors breached their fiduciary duties in connection with the proposed acquisition of Trius by Parent and Purchaser, and that the other defendants aided and abetted these alleged breaches of fiduciary duty. The Stockholder Litigations also each generally assert that our directors breached their fiduciary duties to our public stockholders by, among other things, (a) agreeing to sell Trius to Parent and Purchaser at an unfair price, (b) allowing certain stockholders to control the sale process in order to obtain liquidity for illiquid shares, (c) implementing an unfair process and (d) agreeing to certain provisions of the merger agreement that are alleged to favor Parent and Purchaser and deter alternative bids. The plaintiffs in each of the Stockholder Litigations each generally seek, among other things, an injunction against the consummation of the Merger and rescission of the Merger Agreement to the extent already implemented, and an award of costs and expenses, including a reasonable allowance for attorneys' and experts' fees. We believe that the Stockholder Litigations are without merit.
Thanks. I was under the impression that they had 20 days from the time of the SEC filing to submit bids.
Have you contacted Brodsky & Smith yet? Or Tripp-Levy? Apparently that is where the lawsuit(s) is/are emanating from.....