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Ardea Biosciences, Inc. Investor Lawsuit seeks to Block Merger with AstraZeneca
An investor in NASDAQ-RDEA shares filed a lawsuit in effort to stop the proposed merger between Ardea Biosciences, Inc. and AstraZeneca and NASDAQ-RDEA stockholders should contact the Shareholders Foundation at firstname.lastname@example.org
Investors who purchased shares of Ardea Biosciences, Inc. prior to April 23, 2012 and currently hold any of those NASDAQ-RDEA shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed to Ardea Biosciences investors arising out of the attempt to sell the company at an unfair price via an unfair process.
On Monday, April 23, 2012, AstraZeneca and Ardea Biosciences, Inc. announced that they have entered into a merger agreement, pursuant to which AstraZeneca will acquire Ardea Biosciences, Inc. Under the terms of the proposed transaction, AstraZeneca will acquire Ardea Biosciences, Inc. for $32 per share which represents a total cash value of approximately $1.26 billion.
However, the plaintiff alleges that the $32offer is unfair and undervalues the company. In fact, at least one analyst has set the high target price for NASDAQ-RDEA shares at $40 per share.
Additionally, the plaintiff claims the unfair price is the result of an unfair process that has been driven by two of Ardea Biosciences’
Furthermore the plaintiff says the board of directors created a playing field that is tilted in favor of AstraZeneca by agreeing to at least three provision in derogation of their fiduciary duties to Ardea Biosciences’
NASDAQ-RDEA shares closed on April 24, 2012 at $31.65 per share.
Those who are current investors in Ardea Biosciences, Inc. and purchased their Ardea Biosciences, Inc. shares prior to the announcement, have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.