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Bull & Lifshitz, LLP announces an investigation into possible breaches of fiduciary duty in connection with the proposed sale of Tekelec (NASDAQ:
TKLC) (referred to as "Tekelec" or the “Company”) 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. The transaction is valued at approximately $780 million.
Under the terms of the agreement, all outstanding shares of Tekelec's common stock will be acquired for $11.00 per share in cash. Tekelec's management team is expected to remain in place, and Merle Gilmore, former President of Motorola's Communications Enterprise and Chairman of the Board of Airvana Network Solutions Inc., will serve as Tekelec's Executive Chairman following the closing.