The Shareholders Foundation announces that an investor who currently holds shares of Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) filed a lawsuit in effort to halt the proposed takeover of Cadence Pharmaceuticals, Inc. by Mallinckrodt plc for $14.00 per share. The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CADX stockholders arising out of the attempt to sell Cadence Pharmaceuticals, Inc. too cheaply via an unfair process to Mallinckrodt plc.
Investors who purchased shares of Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) and currently hold any of those NASDAQ:CADX shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
On February 11, 2014, Mallinckrodt plc (NYSE: MNK) and Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) announced that they have entered into an agreement under which a subsidiary of Mallinckrodt plc will commence a tender offer to acquire all outstanding shares of Cadence Pharmaceuticals, Inc. for $14.00 per share in cash or approximately$1.3 billion on a fully diluted basis, which represents a 32% premium to the trailing 30-trading-day volume weighted average price (VWAP) of $10.62per share for Cadence Pharmaceuticals, Inc.
However, the plaintiff alleges that the $14-offer is too low and undervalues Cadence Pharmaceuticals, Inc. Indeed, at least one analyst has set the high target price for NASDAQ:CADX shares at $15.00 per share.
Those who are current investors in Cadence Pharmaceuticals, Inc. shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com