Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Osteotech, Inc. (“Osteotech” or the “Company”) (NASDAQ:OSTE) related to the Company’s agreement to be acquired by Medtronic Inc. (“Medtronic”). The proposed all-cash transaction is valued at approximately $123 million.
Under the terms of the definitive agreement entered into by the parties, Medtronic will acquire Osteotech for $6.50 per share in cash for each share of Osteotech common stock. The board of directors of Osteotech has unanimously approved the proposed transaction. On August 11, 2010 – two days after the Company announced its second quarter 2010 financial results – Spencer Capital, Boston Avenue Capital LLC and Heartland Advisors, Inc., which collectively own approximately 24% of Osteotech's outstanding common stock, issued a press release critical of the Company’s second-quarter financial performance and stating further they are “extremely skeptical of the Board's efforts to explore strategic alternatives to maximize shareholder value.” The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the proposed transaction by Osteotech’s board of directors.
If you own shares of Osteotech, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to
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