Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Icagen, Inc. (NASDAQ:
) (referred to as "Icagen" or the “Company”) to Pfizer Inc. (“Pfizer”). The aggregate transaction value, including the value of the shares currently owned by Pfizer, is approximately $56 million.
Under the terms of the agreement, Pfizer will promptly commence a tender offer to purchase all of the outstanding shares of Icagen common stock for $6.00 per share in cash. The agreement also provides for the parties to effect, subject to certain conditions, a merger to be completed following the completion of the tender offer which would result in all shares not tendered in the tender offer being converted into the right to receive $6.00 per share in cash. The completion of the tender offer is conditioned on Pfizer acquiring sufficient shares to own a majority of the shares of Icagen on a fully-diluted basis and other conditions.
Bull & Lifshitz, LLP's investigation is focused on whether the proposed deal provides adequate value to the Company’s shareholders.
If you are a holder of Icagen common stock and want to discuss your legal rights, you may e-mail or call Bull & Lifshitz, LLP who will, without obligation or cost to you, attempt to answer your questions.
If you are a shareholder of Icagen and would like more information about our investigation, please contact Joshua M. Lifshitz, Esq. by telephone at (866) 313-6222 or by sending an e-mail including your contact information to:
. All e-mail correspondence should make reference to Icagen.
Bull & Lifshitz, LLP is a New York City-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please visit our website at
. © 2011 Bull & Lifshitz, LLP. The law firm responsible for this advertisement is Bull & Lifshitz, LLP, 18 East 41
Street, New York, New York 10017, (212) 213-6222. Prior results do not guarantee or predict a similar outcome with respect to any future matter