Cypress Bioscience, Inc. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Ramius V&O Acquisition, LLC
21 December 2010 - 4:26AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor LLP are
investigating potential legal claims against the Board of Directors
of Cypress Bioscience, Inc. (“Cypress Bioscience” or “CYPB”)
(NASDAQ: CYPB) related to the proposed acquisition of Cypress
Bioscience by Ramius V&O Acquisition, LLC, an affiliate of
Ramius LLC, and affiliates of Royalty Pharma (“Ramius”).
The definitive acquisition agreement, which was announced on
December 15, 2010, involves an all cash tender-offer valued at
approximately $255 million. Under the proposed acquisition, Cypress
Bioscience shareholders will receive a cash payment of $6.50 for
each share of Cypress Bioscience/CYPB common stock they hold. While
the acquisition price reportedly represents an approximate 63%
premium over Ramius’ initial, unsolicited proposal to acquire all
of the outstanding shares of Cypress Bioscience for $4.00 per share
in cash, the acquisition price is well below Cypress Bioscience’s
historical stock trading values. In addition, at least one analyst
has set a target price for Cypress Bioscience shares at $7.00.
Based on the lack of an appreciable premium to the shareholders,
the company’s historic stock performance, and other factors, the
firms believe that the acquisition may not adequately compensate
Cypress Bioscience shareholders.
If you currently own shares of Cypress Bioscience/CYPB and would
like additional information regarding this investigation, or if you
have information regarding the allegations involved in this
transaction, please contact Patrick Powers at Powers Taylor LLP,
toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com,
or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877)
397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is
no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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