A lawsuit was filed by an investor in shares of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) in effort to stop the proposed takeover and NASDAQ:IDIX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/24/2014 -- An investor, who currently holds shares of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) filed a lawsuit in effort to halt the takeover of Idenix Pharmaceuticals Inc . by Merck for $24.50 per share.
Investors who purchased shares of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) and currently hold any of those NASDAQ:IDIX shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:IDIX stockholders by agreeing to sell Idenix Pharmaceuticals Inc. too cheaply via an unfair process to Merck.
On June 9, 2014, Merck (NYSE:MRK) and Idenix Pharmaceuticals, Inc. (NASDAQ: IDIX) announced that the companies have entered into an agreement under which Merck will acquire Idenix Pharmaceuticals, Inc for $24.50 per share in cash.
However, the plaintiff claims that the offer is too low and undervalues Idenix Pharmaceuticals, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:IDIX shares at $25.00 per share. Furthermore, Idenix Pharmaceuticals Inc reported that its annual Total Revenue rose from $6.95 million in 2011 to $69.66 million in 2012 and that its respective Net Loss declined from $51.98 million to $32.40 million.Shares of Idenix Pharmaceuticals Inc (NASDAQ:IDIX) grew from $2.80 per share in March 2011 to as high as $14.42 in 2012.
On June 20, 2014, NASDAQ:IDIX shares closed at $24.01 per share.
Those who are current investors in Idenix Pharmaceuticals Inc hares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego