Robbins Umeda LLP Announces an Investigation of the Acquisition of Valeant Pharmaceuticals International by Biovail Corporation
21 Junho 2010 - 6:43PM
Business Wire
Robbins Umeda LLP has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by
members of the Board of Directors of Valeant Pharmaceuticals
International ("Valeant" or the "Company") (NYSE:VRX) in connection
with their actions in causing Valeant to enter into a definitive
merger agreement to be acquired by Biovail Corporation ("Biovail")
(NYSE:BVF). If the transaction is completed, Valeant shareholders
will receive a combination of cash and stock equal to $16.77 in
cash and 1.7809 shares of Biovail common stock for each share of
Valeant they hold, for an implied value of approximately $46.14 per
Valeant share. If approved, the transaction is expected to be
completed by the end of the year.
Robbins Umeda LLP's investigation concerns whether the Board of
Directors of Valeant undertook a fair process to obtain fair
consideration for all shareholders of Valeant. Before the
announcement of the proposed acquisition, at least two analysts had
price targets of $57 per share. Nevertheless, the Company's
fiduciaries are attempting to sell Valeant now at a price well
below these targets.
If you are a shareholder of Valeant, plan to continue to hold
your shares, and would like more information about your rights as a
shareholder, please contact attorney Gregory E. Del Gaizo at
800-350-6003 or by e-mail at info@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm with
significant experience representing investors in merger-related
shareholder class actions, shareholder derivative actions, and
securities fraud class actions. For more information about the
firm, please go to http://www.robbinsumeda.com.
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