The Shareholders Foundation announces that an investigation on behalf of investors, who currently hold shares of Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP), was launched concerning whether the takeover of Salix Pharmaceuticals, Ltd. by Valeant Pharmaceuticals International for $158.00 is unfair to NASDAQ:SLXP stockholders.
Investors who purchased shares of Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) and currently hold any of those NASDAQ:SLXP shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm concerns whether certain officers and directors of Salix Pharmaceuticals, Ltd. breached their fiduciary duties owed to NASDAQ:SLXP investors in connection with the proposed acquisition.
On February 22, 2015 Valeant Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX) and Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) announced that they have entered into an agreement under which Valeant will acquire all of the outstanding common stock of Salix for $158.00 per share in cash, or a total enterprise value of approximately $14.5 billion.
However, given that at least one analyst has set the high target price for NASDAQ:SLXP shares at $185 per share and that NASDAQ:SLXP shares traded in the open market as high as $169.17 per share in September 2014, the investigation concerns whether the offer is unfair to NASDAQ:SLXP stockholders. More specifically, the investigation concerns whether the Salix 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.
Salix Pharmaceuticals, Ltd. reported that its annual Total Revenue rose from $735.44 million in 2012 to $933.84 million in 2013 and that its respective Net Income increased from $64.25 million to $143.03 million. Shares of Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) grew from $39.69 per share in late 2012 to as high as almost $170 per share in September 2014.
On March 6, 2015, NASDAQ:SLXP shares closed at $158.01 per share.
Those who are current investors in Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) shares have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com