An investigation on behalf of investors of Anacor Pharmaceuticals Inc (NASDAQ:ANAC) in connection with the proposed takeover was announced and NASDAQ:ANAC stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/23/2016 -- The acquisition of biopharmaceutical company Anacor Pharmaceuticals Inc by Pfizer Inc is under investigation over potential wrongdoing. The investigation was announced for investors, who currently hold shares of Anacor Pharmaceuticals Inc (NASDAQ:ANAC), concerning whether the takeover of Palo Alto, CA based Anacor Pharmaceuticals Inc. by Pfizer Inc for $99.25 per share is unfair.
Investors who purchased shares of Anacor Pharmaceuticals Inc (NASDAQ:ANAC) and currently hold any of those NASDAQ:ANAC shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm concerns whether certain directors of Anacor Pharmaceuticals Inc breached their fiduciary duties owed to NASDAQ:ANAC investors in connection with the proposed acquisition.
On May 16, 2016, Pfizer Inc. (NYSE:PFE) and Anacor Pharmaceuticals Inc (NASDAQ:ANAC) announced that they have entered into a merger agreement under which Pfizer will acquire Anacor Pharmaceuticals Inc (NASDAQ:ANAC) for $99.25 per Anacor NASDAQ:ANAC share, in cash, for a total transaction value, net of cash, of approximately $5.2 billion, which assumes the conversion of Anacor's outstanding convertible notes.
However, given that at least one analyst has set the high target price for NASDAQ:ANAC shares at $130.00 per share and given that NASDAQ:ANAC shares traded in August 2015 as high as $152.25 per share, the investigation concerns whether the offer is unfair to NASDAQ:ANAC stockholders. More specifically, the investigation concerns whether the Anacor Pharmaceuticals Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
On May 19, 2016, NASDAQ:ANAC shares closed at $99.49 per share.
Those who are current investors in Anacor Pharmaceuticals Inc shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com