Robbins Umeda LLP Is Investigating Varian Semiconductor Equipment Associates, Inc. Acquisition For Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Varian Semiconductor Equipment Associates, Inc. (NASDAQGS: VSEA). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Varian in connection with their efforts to sell Varian to Applied Materials, Inc. (NASDAQ: AMAT).
On May 4, 2011, Applied Materials and Varian announced they have signed a definitive merger agreement under which Applied Materials will acquire Varian for $63 in cash per share. Following the close of the transaction, Varian will operate as a business unit of Applied Material's Silicon Systems Group. The transaction is expected to be completed by the end of the year.
The investigation focuses on whether Varian's board is undertaking a fair process to obtain maximum value for its shareholders. On April 28, 2011, Varian reported second quarter 2011 results that included record sales amounting to a 62% increase over the prior year. Further, the agreement between Applied Material and Varian contains a termination fee of $147 million and a "no solicitation clause." These sections of the agreement can serve to deter competitors from making higher offers for Varian.Robbins Umeda LLP represents individual and institutional shareholders in derivative, direct, and class action lawsuits. The firm's skilled litigation teams include former federal prosecutors, former defense counsel from top multinational corporate law firms, and career shareholder rights attorneys. Robbins Umeda LLP has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com. Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/varian-semiconductor-equipment-associates-inc/ Attorney Advertising. Past results do not guarantee a similar outcome.
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