NEW YORK, April 24, 2013 /PRNewswire/ -- 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. Phillip
Frost, the Chairman and CEO of OPKO and owner of approx. 40%
of OPKO's shares is also the Chairman of the Board of PROLOR and
its largest shareholder of approx. 20% of its shares.
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 Frost and the board of
directors of PBTH breached their fiduciary duties by not engaging
in a full and fair auction in trying to sell the company to obtain
the maximum value for shareholders, rather than sell the Company to
Frost for his own personal benefit at an unfairly low price.
As the Chairman and largest shareholder of PBTH, Frost has an
inherent conflict of interest in selling the company to
himself. 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.com
Tripp Levy PLLC
1-877-772-3975
contact@tripplevy.com
Tripp Levy PLLC is a national law firm specializing in
shareholder rights and has recovered millions of dollars for
shareholders in similar actions around the globe.
SOURCE Tripp Levy PLLC