mail@shareholdersfoundation.com
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Jul 29, 2009 -
Agilent Technologies Inc announced on Monday to acquire Varian, Inc. (Public, NASDAQ:VARI)
for $ 1.5 billion. Subsequently an investigation on behalf of current investors of Varian, Inc. (Public, NASDAQ:VARI)
, who purchased the shares before July 27, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price were announced.
If you are currently an investor in shares of Varian, Inc. (Public, NASDAQ:VARI)
, and purchased the shares before July 27, 2009, and / or have additional information relating to the investigation, you should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
The investigations by law firms focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Varian, Inc. (Public, NASDAQ:VARI)
arising out of their attempt to sell Varian to Agilent Technologies.
Agilent Technologies Inc. (NYSE:A) and Varian, Inc. (NasdaqGS:VARI)
announced on Monday, July 27, 2009 that they have signed a definitive agreement for the acquisition by Agilent Technologies Inc of Varian, Inc. According to Varian “Agilent will pay $52 cash per share of common stock for Varian in a transaction that represents a premium of approximately 35% to Varian’s closing price on July 24, 2009” and “both Agilent’s and Varian’s Board of Directors have unanimously approved the all-cash offer”.
But according to one investigation “the transaction appears to be unfair” to current investors of Varian, Inc. (Public, NASDAQ:VARI)
“by failing to conduct an open and fair auction process for the Company” and the “offer to purchase Varian, Inc for $52 per share appears opportunistically timed to take advantage of the current economic downturn”. Therefore the investigation is primarily focused on whether Varians Board of Directors fulfilled their fiduciary duties to maximize shareholder value in connection with the proposal. Another investigation calls the deal “suspicious because it appears from a review of the Company's financial statements that the inherent value of the Company's stock is greater than $52.00 per share, because the stock has traded much higher than $52 per share in the recent past, and because the Board of Directors has effectively blocked other companies from making a better offer.”
Varian, Inc., located in Palo Alto, California, designs, develops, manufactures, markets, sells and services scientific instruments (including analytical instruments, research products and related software, consumable products, accessories and services) and vacuum products (and related accessories and services). Varian reported in 2007 Total Revenue of $920.60million with a Net Income of $63.62million and in 2008 Total Revenue of $1.01251billion with a Net Income of $66.44million. Shares of Varian, Inc (Public, NASDAQ:VARI)
traded at $50.52 per share
Those who are currently investors in shares of Varian, Inc. (Public, NASDAQ:VARI)
, and purchased the shares before July 27, 2009, and / or have additional information relating to the investigation, should contact the Shareholders Foundation, Inc. at:
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
779-1554
Fax:+1-(858)-
605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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http://www.prlog.org/10295494/1Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
