Tripp Levy PLLC announces an investigation into the purchase of Abraxis BioSciences Inc. ("Abraxis" or the "Company") (NasdaqGS: ABII) by Celgene Corporation ("Celgene") (NasdaqGS: CELG). Under the terms of the proposed transaction, Abraxis shareholders will receive $58 in cash and 0.2617 shares of Celgene stock for each Abraxis share they own. Based on the prior closing price of Celgene shares, the transaction values Abraxis stock at approximately $71.93 per share for a total transaction value of approximately $2.9 billion, net of cash. Each Abraxis share will also receive one tradeable contingent value right which entitles its holder to receive payments for future regulatory milestones and commercial royalties.
The investigation concerns, among other things, whether the consideration to be paid to Abraxis shareholders is grossly unfair, inadequate, and substantially below the fair or inherent value of Abraxis. The investigation further concerns whether the directors of Abraxis may have breached their fiduciary duties by not acting in Abraxis shareholders' best interests in connection with the sale process of Abraxis.
If you own Abraxis common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact
Tripp LevyTripp Levy PLLC125 East 82
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Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States.
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