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Bernstein Liebhard LLP is investigating whether the Board of Directors of Tekelec (“Tekelec” or the “Company”) (NASDAQ: TKLC) breached its fiduciary duty to its shareholders in agreeing to sell Tekelec to a consortium led by Siris Capital Group, LLC ("Siris") and including affiliates of The ComVest Group, funds and accounts managed by GSO Capital Partners LP, Sankaty Advisors LLC, ZelnickMedia and other Siris limited partners and affiliates.
Under the terms of the agreement, Tekelec shareholders will receive $11.00 in cash for each share they own. The investigation is focused on the potential unfairness of the price to Tekelec shareholders and the process by which the Tekelec Board of Directors considered and approved the transaction.