An investigation on behalf of investors of PROLOR Biotech Inc (NYSEAMEX:PBTH) in connection with the proposed takeover was announced and NYSEAMEX:PBTH stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/30/2013 -- An investigation on behalf of investors in PROLOR Biotech Inc (NYSEAMEX:PBTH) shares was announced concerning whether the offer by OPKO Health, Inc.to acquire PROLOR Biotech Inc for $7.00 per NYSEAMEX:PBTH share and the takeover process are unfair to investors in PROLOR Biotech shares.
Investors who purchased shares of PROLOR Biotech Inc (NYSEAMEX:PBTH) prior to April 24, 2013, and currently hold any of those NYSEAMEX:PBTH 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 PROLOR Biotech Inc breached their fiduciary duties owed to NYSEAMEX:PBTH investors in connection with the proposed acquisition.
On April 24, 2013, OPKO Health, Inc. and PROLOR Biotech Inc announced that the companies have signed a merger agreement under which OPKO Health, Inc will acquire PROLOR Biotech Inc in an all-stock transaction. Under the terms of the agreement, which has been approved by the boards of directors of both companies, holders of PROLOR Biotech Inc common stock will receive 0.9951 shares of OPKO Health, Inc. common stock for each share of PROLOR Biotech Inc common stock. Based on a price of $7.03 per share of OPKO Health, Inc. common stock, the transaction is valued at approximately $480 million, or $7.00per share of PROLOR Biotech Inc common stock.
However, given that at least one analyst has set the high target price of NYSEAMEX:PBTH shares at $12.00 per share, the investigation a law firm concerns whether the offer is too low for NYSEAMEX:PBTH stockholders. More specifically, the investigation focuses on whether the PROLOR Biotech 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 April 29, 2013, NYSEAMEX: PBTH shares closed at $6.26 per share.
Those who are current investors in PROLOR Biotech Inc (NYSEAMEX:PBTH), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego