BOULDER, Colo., Jan. 7, 2009 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that it is investigating potential breaches of fiduciary duty in connection with the proposed acquisition of Indevus Pharmaceutical, Inc. ("Indevus" or the "Company") (Nasdaq:IDEV).
On Jan. 5, 2009, Indevus announced their intent to sell the Company to Endo Pharmaceutical Holdings, Inc ("Endo"). Under the terms of the merger agreement, Indevus shareholders would receive $4.50 per share for a total sale price of approximately $370 million. Indevus shareholders may also receive up to an additional $3.00 per share if certain regulatory and sales milestones are met over the next five years. These milestones are contingent on Food and Drug Administration ("FDA") approval for various pharmaceutical drugs currently in research stages. Indevus stock had traded at more than $6.50 within the past year. Moreover, the merger agreement also includes a $20 million termination fee and a "no solicitation" provision. The termination fee and "no solicitation" provision may effectively preclude that a superior offer will be forthcoming.
If you currently own Indevus common stock and would like a free consultation concerning your rights and interests, please contact Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative litigation.
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