A lawsuit was filed by an investor in NASDAQ:KNSY shares in effort to block the proposed takeover of Kensey Nash Corporation by Royal DSM and NASDAQ:KNSY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 05/15/2012 -- An investor in NASDAQ:KNSY shares filed a lawsuit in State Court against directors of Kensey Nash Corporation in effort to stop the proposed acquisition of Kensey Nash Corporation by Royal DSM at $38.50 per NASDAQ:KNSY share.
Investors who purchased shares of Kensey Nash Corporation (NASDAQ:KNSY) prior to May 3, 2012 and currently hold any of those NASDAQ:KNSY 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:KNSY investors arising out of the attempt to sell the company too cheaply via an unfair process.
On Thursday, May 3, 2012, Kensey Nash Corporation announced that it has entered into an agreement with Royal DSM, under which Royal DSM has agreed to acquire all of the common stock of Kensey Nash Corporation through a cash tender offer, followed by a merger with a subsidiary of Royal DSM, for $38.50 per share in cash.
However, the plaintiff claims that defendants have failed to get the best price for NASDAQ:KNSY shares and the proposed transaction is product of a flawed process that is designed to ensure the sale of Kensey Nash to Royal DSM on terms preferential to Royal DSM at the expense of NASDAQ:KNSY shareholders.
Those who are current investors in Kensey Nash Corporation (NASDAQ:KNSY) and purchased their NASDAQ:KNSY 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