An investigation on behalf of investors of Sagent Pharmaceuticals Inc (NASDAQ:SGNT) in connection with the proposed takeover was announced and NASDAQ:SGNT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/20/2016 -- The acquisition of Sagent Pharmaceuticals is under investigation over potential wrongdoing. The investigation was announced on behalf of investors, who currently hold NASDAQ:SGNT shares, concerning whether the takeover of Sagent Pharmaceuticals Inc by Nichi-Iko Pharmaceutical Co., Ltd is unfair to NASDAQ:SGNT stockholders.
Investors who purchased shares of Sagent Pharmaceuticals Inc (NASDAQ:SGNT) and currently hold any of those NASDAQ:SGNT 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 Sagent Pharmaceuticals breached their fiduciary duties owed to NASDAQ:SGNT investors in connection with the proposed acquisition.
On July 11, 2016, Nichi-Iko Pharmaceutical Co., Ltd and Sagent Pharmaceuticals Inc (NASDAQ:SGNT) announced that they have entered into a a merger agreement under which Nichi-Iko will acquire Sagent Pharmaceuticals Inc via an all-cash tender offer followed by a second-step merger, for a total consideration of approximately $736 million. The merger agreement contemplates an all cash tender offer for $21.75 per share, followed by a second-step merger in which all outstanding shares of Sagent Pharmaceuticals Inc common stock not tendered in the Tender Offer will be converted into the right to receive the same amount, in cash equal to the Tender Offer price.
However, given that at least one analyst has set the high target price for NASDAQ:SGNT shares at $25.00 per share and given that Sagent Pharmaceuticals shares reached in 2014 as high as $32.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:SGNT stockholders. More specifically, the investigation concerns whether the Sagent 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 July 19, 2016, NASDAQ:SGNT shares closed at $21.73 per share.
Those who are current investors in Sagent 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