A lawsuit was filed for investors in shares of Santarus, Inc. (NASDAQ:SNTS) in effort to halt the proposed takeover and NASDAQ:SNTS stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 11/19/2013 -- An investor, who currently hold shares of shares of Santarus, Inc. (NASDAQ:SNTS) filed a lawsuit in effort to halt the proposed takeover of Santarus, Inc. by Salix Pharmaceuticals, Ltd for $32.00 per share.
Investors who purchased shares of Santarus, Inc. (NASDAQ:SNTS) and currently hold any of those NASDAQ:SNTS shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:SNTS stockholders arising out of the attempt to sell Santarus, Inc too cheaply via an unfair process to Salix Pharmaceuticals, Ltd.
On November 7, 2013, Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) and Santarus, Inc. (NASDAQ:SNTS) announced that the companies have entered into a merger agreement under which Salix Pharmaceuticals will acquire all of the outstanding common stock of Santarus for$32.00 per share in cash (without interest). The all-cash transaction values Santarus at approximately $2.6 billion. Under the terms of the definitive merger agreement, Salix Pharmaceuticals intends to commence a cash tender offer to acquire all of the outstanding common stock ofSantarus for $32.00 per share.
However, the plaintiff claims that the offer is too low and undervalues Santarus, Inc. Indeed, Santarus’ performance improved over the recent years. In fact, Santarus, Inc. reported that reported that its annual Total Revenue rose from $125.35 million in 2010 to $217.96 million in 2012 and that its Net Loss of $18.47 million in 2010 turned into a Net Income of $18.55 million in 2012. Shares of Santarus, Inc. (NASDAQ:SNTS) grew from $2.24 per share in August 2010 to as high as $27.26 per share in August 2013
In addition,the plaintiff claims that the process is unfair to NASDAQ:SNTS investors. In fact, certain directors and officers of Santarus, who, as of November 6, 2013, beneficially owned or had options to acquire a number of shares of Santarus' common stock equal to approximately 12 percent of Santarus' total outstanding shares of common stock, have already entered into a tender and support agreement pursuant to which such persons have agreed to tender their shares into the tender offer and, if applicable, vote their shares against certain matters, including third party proposals to acquire Santarus.
On Nov. 8, 2013, NASDAQ:SNTS shares closed at $31.95 per share.
Those who are current investors in Santarus, Inc. shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego