Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Semitool, Inc. - SMTL
18 November 2009 - 4:17AM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Semitool, Inc. (“Semitool” or the “Company”) (NasdaqGS: SMTL) for
possible breaches of fiduciary duty and other violations of state
law in connection with their attempt to sell the Company to Applied
Materials, Inc. (NasdaqGS: AMAT). Under the terms of the
transaction, Semitool shareholders will receive $11.00 in cash for
each share of Semitool they own for a total transaction value of
approximately $364 million.
The investigation concerns whether the Semitool Board of
Directors breached their fiduciary duties to Semitool shareholders
given that (i) the offer price is only a 13% premium over the $9.73
price that Semitool shares traded at as recently as October 12,
2009; (ii) analysts set a mean price target of $12.00 for Semitool
shares; and (iii) directors and executive officers of Semitool
holding about 32% of the Company's outstanding common stock have
agreed to support the deal.
If you own common stock in Semitool and wish to obtain
additional information, please contact us at the number listed
below or visit http://www.zlk.com/smtl1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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