An investigation on behalf of investors of Medicis Pharmaceutical Corp (NYSE:MRX) in connection with the takeover was announced and NYSE:MRX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 09/04/2012 -- An investigation on behalf of investors in Medicis Pharmaceutical Corp (NYSE:MRX) shares was announced concerning whether the offer by Valeant Pharmaceuticals International to acquire Medicis Pharmaceutical Corp for $44.00 per NYSE:MRX share and the takeover process are unfair to investors in Medicis Pharmaceutical shares.
Investors who purchased shares of the Medicis Pharmaceutical Corp (NYSE:MRX) prior to August 31, 2012, and currently hold any of those NYSE:MRXshares 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 the Medicis Pharmaceutical Corp. breached their fiduciary duties owed to NYSE:MRX investors in connection with the proposed acquisition.
On September 3, 2012, Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX) and Medicis Pharmaceutical Corporation (NYSE:MRX) announced that they have entered into an agreement under which Valeant Pharmaceuticals International will acquire all of the outstanding common stock of Medicis Pharmaceutical Corporation for $44.00 per share in cash.
However, at least one analyst has set the high target price for NYSE:MRX shares at $45.00 per share. In addition, Medicis Pharmaceutical’s financial performance improved over the past recent years. In fact, it reported that its annual Revenue rose from $516.67 million in 2008 to $721.13 million in 2011 and its Net Income skyrocketed from $10.28 million in ’08 to $126.08 million in 2011. In addition, shares of Medicis Pharmaceutical Corp (NYSE:MRX) grew at an exceptional growth rate. In fact, NYSE:MRX shares grew from as low as $10.26 per share in March ’09 to as high as over $40 in July 2011.
Therefore, the investigation a law firm concerns whether the proposed transaction is unfair to NYSE:MRX stockholders. Specifically, the investigation focuses on whether the Medicis Pharmaceutical 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 Medicis Pharmaceutical Corp (NYSE:MRX) and purchased their Medicis Pharmaceutical Corp 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
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