San Diego, CA -- (SBWIRE) -- 09/26/2012 -- An investor in shares of Medicis Pharmaceutical Corp (NYSE:MRX) filed a lawsuit against directors in effort to stop the proposed takeover at $44.00 per NYSE:MRX share.
Investors who purchased shares of the Medicis Pharmaceutical Corp (NYSE:MRX) prior to August 31, 2012, and currently hold any of those NYSE:MRX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 3, 2012, Valeant Pharmaceuticals International, Inc. and Medicis Pharmaceutical Corporation 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, the plaintiff alleges that the deal undervalues the company and shortchanges investors. Indeed, 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.
Furthermore, so the plaintiff, the terms of the merger agreement include improper deal protection devices that preclude competing offers.
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