A lawsuit was filed for investors in shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) in connection with the proposed takeover was announced and NASDAQ:RPTP stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/13/2016 -- The Shareholders Foundation announced that an investor who currently holds NASDAQ:RPTP shares, filed a lawsuit against the takeover of Raptor Pharmaceutical Corp. by Horizon Pharma plc.
Investors who purchased shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) and currently hold any of those NASDAQ:RPTP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RPTP stockholders by agreeing to sell Raptor Pharmaceutical Corp. too cheaply via an unfair process to Horizon Pharma plc.
On September 12, 2016, Horizon Pharma plc (NASDAQ:HZNP) and Raptor Pharmaceutical Corp. (NASDAQ:RPTP) announced the companies have entered into an agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) common stock for $9.00 per share in cash, for an implied fully diluted equity value of approximately $800 million.
However, plaintiff claims that the proposed consideration NASDAQ:RPTP shareholders will receive is grossly inadequate and undervalues Raptor Pharmaceutical Corp. Indeed, at least one analyst has set the high target price for NASDAQ:RPTP shares at $11.00 per share and NASDAQ:RPTP shares reached as high as $16.00 per share in June 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:RPTP stockholder. The plaintiff claims that the takeover agreement contains preclusive deal protection devices, such as a strict no solicitation, last look, and a $30 million termination fee provision, that deter other bidders from making a superior offer for Raptor Pharmaceutical Corp.
On October 12, 2016, NASDAQ:RPTP shares closed at $8.98 per share.
Those who are current investors in Raptor Pharmaceutical Corp. 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