An investigation on behalf of investors of Human Genome Sciences (NASDAQ:HGSI) in connection with the takeover was announced and NASDAQ:HGSI stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/17/2012 -- An investigation on behalf of investors in Human Genome Sciences (NASDAQ:HGSI) shares was announced concerning whether the offer by GlaxoSmithKline to acquire Human Genome Sciences at $14.25 per NASDAQ:HGSI share and the takeover process are unfair to investors in NASDAQ:HGSI shares.
Investors who purchased shares of Human Genome Sciences (NASDAQ:HGSI) prior to July 13, 2012, and currently hold any of those ASDAQ:HGSI shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Human Genome Sciences breached their fiduciary duties owed to NASDAQ:HGSI investors in connection with the proposed acquisition.
On July 16, 2012, GlaxoSmithKline plc (LSE: GSK) and Human Genome Sciences (NASDAQ: HGSI) announced that the companies have entered into an agreement under which GlaxoSmithKline will acquire Human Genome Sciences for US$14.25 per share in cash.
The transaction values Human Genome Sciences at approximately US$3.6 billion on an equity basis, or approximately US$3 billion net of cash and debt.
Shares of Human Genome Sciences (NASDAQ:HGSI) jumped from $13.58 on Friday to $14.19 per share on Monday, July 16, 2012.
However, NASDAQ:HGSI shares traded in April 2011 as high as $29.47 per share, thus at almost twice the takeover offer. In addition at least one analyst has set the high target price at $23.00 per NASDAQ:HGSI shares, thus also well above the current $14.25offer.
Therefore, the investigation for NASDAQ:HGSI investors concerns whether the proposed transaction is unfair to Human Genome Sciences stockholders. Specifically, the investigation focuses on whether the Human Genome 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.
Those who are current investors in Human Genome Sciences (NASDAQ:HGSI) and purchased their Human Genome Sciences hares 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