San Diego, CA -- (SBWIRE) -- 02/01/2012 -- The Shareholders Foundation announces that an investor in Micromet Inc. (NASDAQ:MITI) shares filed a lawsuit in State Court in effort to block the proposed takeover of MicroMet by Amgen for $11 per share.
Investors who purchased Micromet Inc. (NASDAQ:MITI) shares prior to January 26, 2012, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties arising out of the attempt to sell Micromet Inc. too cheaply via an unfair process to Amgen.
On Jan. 26, 2012, Amgen (NASDAQ:AMGN) and Micromet, Inc. (NASDAQ:MITI) announced that the companies have entered into a merger agreement under which Amgen will acquire Micromet for $11 per share in cash or a transaction, which values Micromet at approximately $1.16 billion.
However, the plaintiff alleges that the $11offer undervalues NASDAQ: MITI shares given Micromet’s growth prospects and potential for significant income and is the result of a flawed process that resulted in the board of directors’ failure to maximize shareholder value. Indeed, at least on analyst has set the high target price for NASDAQ:MITI shares at $12 per share, thus above the current offer.
Further the plaintiff claims that defendants have entered into numerous deal protection devices to deter additional offers for MicroMet, such as a no solicitation provision, a matching rights provision, and a $40million termination fee provision. The plaintiff says the merger agreement sends a clear message to the markets and by agreeing to those deal protection devices the board of directors locked up the deal to ensure that no other potential bidders would emerge to top Amgen’s offer.
Those who are current investors in Micromet Inc. (NASDAQ:MITI) and purchased NASDAQ:MITI shares prior to January 26, 2012, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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