A lawsuit was filed for investors in shares of Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) in effort to stop the proposed takeover and NASDAQ:ASTX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/16/2013 -- An investor, who currently hold shares of Astex Pharmaceuticals, Inc. (NASDAQ:ASTX), filed a lawsuit in effort to halt the proposed takeover of Astex Pharmaceuticals, Inc. by Otsuka Pharmaceutical Co., Ltd. for $8.50 per NASDAQ:ASTX share.
Investors who purchased shares of the Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) and currently hold any of those NASDAQ:ASTX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:ASTX stockholders arising out of the attempt to sell Astex Pharmaceuticals too cheaply via an unfair process to Otsuka Pharmaceutical Co
On Sept. 5, 2013, Otsuka Pharmaceutical Co., Ltd. and Astex Pharmaceuticals, Inc. (Nasdaq:ASTX) announced that their respective Boards of Directors have unanimously approved a transaction under which Otsuka Pharmaceutical Co. will acquire all of the outstanding shares of Astex Pharmaceuticals, Inc. for $8.50 per share in cash.
However, the plaintiff claims that the $8.50-offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:ASTX shares at $13.00 per share. In addition, the plaintiff says that the proposed transaction is a hopelessly flawed process.
On September 13, 2013, NASDAQ:ASTX shares closed at $8.62 per share.
Those who are current investors in Astex Pharmaceuticals, Inc. (NASDAQ:ASTX) and purchased their Astex Pharmaceuticals shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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