An investigation on behalf of investors of Omthera Pharmaceuticals Inc (NASDAQ:OMTH) in connection with the proposed takeover was announced and NASDAQ:OMTH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 06/04/2013 -- An investigation on behalf of investors in Omthera Pharmaceuticals Inc (NASDAQ:OMTH) shares was announced concerning whether the offer by AstraZeneca to acquire Omthera Pharmaceuticals Inc for $12.70 per NASDAQ:OMTH share and the takeover process are unfair to investors in NASDAQ:OMTH shares.
Investors who purchased shares of Omthera Pharmaceuticals Inc (NASDAQ:OMTH) prior to May 28, 2013, and currently hold any of those NASDAQ:OMTH 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 Omthera Pharmaceuticals Inc breached their fiduciary duties owed to NASDAQ:OMTH investors in connection with the proposed acquisition.
On 28 May 2013, AstraZeneca announced that it has entered into an agreement to acquire Omthera Pharmaceuticals Inc. Under the terms of the agreement, AstraZeneca will acquire Omthera Pharmaceuticals Inc for $12.70 per share, or approximately $323 million, which has an Enterprise Value of approximately $260 million after incorporating Omthera’s cash balances of approximately $63 million. In addition to the cash payment, each Omthera shareholder will receive Contingent Value Rights (CVRs) of up to approximately $4.70 per share, equating to approximately $120 million in total, if specified milestones related to Epanova are achieved, or if a milestone related to global net sales is achieved. This will bring the total potential acquisition cost to approximately $443 million.
However, given that at least one analyst has set the high target price for NASDAQ:OMTH shares at $15.00 per share, the investigation a law firm concerns whether the offer is too low for NASDAQ:OMTH stockholders.
In adition, given that certain shareholders of Omthera Pharmaceuticals representing approximately 60% of the current total shares outstanding have already entered into a voting agreement with AstraZeneca to vote in favour of the transaction, the investigation focuses on whether the Omthera Pharmaceuticals 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.
On June 3, 2013, NASDAQ:OMTH shares closed at $12.99 per share.
Those who are current investors in Omthera Pharmaceuticals Inc (NASDAQ:OMTH), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego