Briscoe Law Firm Investigates Martek Biosciences for Shareholders
23 December 2010 - 2:57AM
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 the fairness of the proposed acquisition of Martek
Biosciences Corporation (“Martek Biosciences” or “MATK”) (NASDAQ:
MATK) by Royal DSM N.V. (“DSM”) for shareholders. The investigation
relates to possible breaches of fiduciary duty and other violations
of state law by the Board of Directors of Martek Biosciences for
approving this transaction, whether Martek Biosciences’ Board of
Directors acted in the shareholders’ best interests, and whether
the transaction provides fair value and adequate disclosures to the
shareholders.
The definitive acquisition agreement, which was announced on
December 21, 2010, involves an all-cash tender offer valued at
approximately $1.09 billion that is expected to commence in January
2011 and close in February 2011. Under the proposed acquisition,
Martek Biosciences shareholders will receive a cash payment of only
$31.50 for each share of Martek Biosciences/MATK common stock they
hold. While the acquisition price reportedly represents an
approximate 35% premium over Martek Biosciences’ closing price the
day before the acquisition announcement, Martek Biosciences
recently reported strong fourth quarter results, including a 36%
increase in revenue growth, well above analysts’ estimates, and
operational improvements. Based on this and other factors, the
firms believe that the acquisition price significantly undervalues
the company and may not be fair to Martek Biosciences
shareholders.
If you currently own shares of Martek Biosciences/MATK 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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