A lawsuit was filed for investors in shares of Celator Pharmaceuticals Inc in connection with the proposed takeover and NASDAQ:CPXX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 07/05/2016 -- The Shareholders Foundation announced that an investor, who currently holds NASDAQ:CPXX shares, filed a lawsuit against the takeover of Celator Pharmaceuticals by Jazz Pharmaceuticals plc for $30.25 per share.
Investors who purchased shares of Celator Pharmaceuticals Inc (NASDAQ:CPXX) and currently hold any of those NASDAQ:CPXX shares have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CPXX stockholders by agreeing to sell Celator Pharmaceuticals Inc too cheaply via an unfair process to Jazz Pharmaceuticals plc.
On May 31, 2016, Jazz Pharmaceuticals plc and Celator Pharmaceuticals Inc (NASDAQ:CPXX) announced that they have entered into an agreement for Jazz Pharmaceuticals to acquire Celator Pharmaceuticals Inc (NASDAQ:CPXX) for $30.25 per share in cash, or approximately $1.5 billion.
However, plaintiff claims that the proposed consideration NASDAQ:CPXX shareholders will receive is grossly inadequate and undervalues Celator Pharmaceuticals Inc. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:CPXX stockholder. The plaintiff alleges that the defendants agreed to deal protection devices, such as a no-solicitation, matching rigghts, and a $45.8 million termination fee provision, that are designed to prevent other potential bidders from challenging Jazz's acquisition.
Shares of Celator Pharmaceuticals Inc (NASDAQ:CPXX) closed on July 1, 2016, at $ per share.
Those who are current investors in Celator Pharmaceuticals Inc shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego