An investigation on behalf of investors of MEDTOX Scientific, Inc. (NASDAQ:MTOX) in connection with the takeover was announced and NASDAQ:MTOX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/12/2012 -- An investigation on behalf of investors in NASDAQ:MTOX shares was announced concerning whether the offer by Laboratory Corporation of America Holdings to acquire MEDTOX Scientific, Inc. at $27.00 per share and the takeover process are unfair to investors in MEDTOX Scientific shares.
Investors who purchased shares of MEDTOX Scientific, Inc. (NASDAQ:MTOX) prior to June 4, 2012, and currently hold any of those NASDAQ:MTOX shares 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 MEDTOX Scientific, Inc. breached their fiduciary duties owed to NASDAQ:MTOX investors in connection with the proposed acquisition.
On June 4, 2012, MEDTOX Scientific, Inc. (Nasdaq:MTOX) announced that it had entered into a merger agreement with Laboratory Corporation of America® Holdings (NYSE:LH). Under the terms of the proposed transaction, Laboratory Corporation of America® Holdings would acquire MEDTOX Scientific, Inc. for a purchase price of $27.00 per share in cash, representing a total enterprise value of approximately $241million.
However, MEDTOX Scientific financial performance improved over the past recent years. MEDTOX Scientific’s annual Revenue rose from $85.81million in 2008 to $108.15million in 2011.
Therefore the investigation for NASDAQ:MTOX investors concerns whether the proposed transaction is unfair to MEDTOX Scientific, Inc. stockholders. Specifically, the investigation focuses on whether the MEDTOX Scientific 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 MEDTOX Scientific, Inc. (NASDAQ:MTOX) and purchased their MEDTOX Scientific 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