A lawsuit was filed by investor in shares of Durata Therapeutics Inc (NASDAQ:DRTX) in effort to stop the proposed takeover and NASDAQ:DRTX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/22/2014 -- An investor, who currently holds shares of Durata Therapeutics Inc (NASDAQ:DRTX), filed a lawsuit in effort to halt the proposed takeover of Durata Therapeutics Inc by Actavis plc for $23 per share.
Investors who purchased shares of Durata Therapeutics Inc (NASDAQ:DRTX) and currently hold any of those NASDAQ:DRTX shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:DRTX stockholders by agreeing to sell Durata Therapeutics Inc. too cheaply via an unfair process to Actavis plc.
On October 6, 2014, Actavis plc (NYSE: ACT) and Durata Therapeutics Inc (NASDAQ:DRTX) announced that they have entered into a merger agreement under which a subsidiary of Actavis will commence a tender offer to acquire all of the outstanding shares of Durata Therapeutics Inc (NASDAQ:DRTX) common stock for $23.00 per share in cash, or approximately $675 million in the aggregate, and contingent value rights (CVRs) entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product DALVANCETM are achieved.
However, the plaintiff claims that the $23-offer is too low and undervalues Durata Therapeutics Inc. Indeed, at least one analyst has set the high target price for NASDAQ:DRTX shares at $25.00 per share and following the takeover news NASDAQ:DRTX shares rose in the open market to as high as $24.33 per share on October 6, 2014. Shares of Durata Therapeutics Inc (NASDAQ:DRTX) grew from $6.89 per share in June 2013 to as high as $17.90 per share in July 2013.
On October 20, 2014, NASDAQ:DRTX shares closed at $23.68 per share.
Those who are current investors in Durata Therapeutics Inc 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