SAN DIEGO and RALEIGH,
N.C., June 25, 2015 /PRNewswire/
-- Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of DARA BioSciences Inc.
(NASDAQ: DARA) by Midatech Pharma Plc (London: MTPH). On
June 4, 2015, the two companies
announced the signing of a definitive merger agreement pursuant to
which Midatech will acquire DARA. Under the terms of the agreement,
DARA shareholders will receive 0.272 shares of Midatech for each
share of DARA they own, the value of which is equivalent to
$1.20 per share of DARA common
stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/dara-biosciences-inc
Is the Proposed Acquisition Best for DARA and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at DARA is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
The $1.20 merger consideration is
below the target price of $2.00 set
by analysts at Ladenburg Thalmann & Co on March 5, 2015, and HC Wainwright & Co LLC on
April 24, 2015. In the last three
years, DARA traded as high as $6.90
on September 19, 2012, and most
recently traded above the target price – at $1.21 – on September 9,
2014.
On May 13, 2015, DARA reported
strong quarterly earnings results for its first quarter 2015.
Net revenues were $652.2
thousand, an increase of 304% compared to the first quarter
of 2014. In commenting on these results, DARA President and
Chief Executive Officer Christopher G.
Clement remarked, "Our first quarter results reflect a solid
start for the year, as our product portfolio continues to perform
well."
In light of these facts, Robbins Arroyo LLP is examining DARA's
board of directors' decision to sell the company now rather than
allow shareholders to continue to participate in the company's
continued success and future growth prospects.
DARA shareholders have the option to file a class action lawsuit
to ensure the board of directors obtains the best possible price
for shareholders and the disclosure of material information. DARA
shareholders interested in information about their rights and
potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP