BOSTON, Dec. 16, 2011 /PRNewswire/ -- Block & Leviton LLP is investigating whether the Board of Directors of ISTA Pharmaceuticals, Inc. ("ISTA" or the "Company") (NASDAQ: ISTA) breached their fiduciary duties by rejecting an offer from Valeant Pharmaceuticals International, Inc. ("Valeant") (NASDAQ: VRX) to acquire the Company in a proposed transaction valued at $327 million.
The investigation centers on whether ISTA's Board of Directors protected shareholder interests, and properly maximized shareholder value, when it refused Valeant's offer to acquire the Company for approximately $6.50 per share, representing a hefty premium to ISTA's shareholders of approximately 67% over the stock's closing price of $3.89 on December 15, 2011.
If you own stock in ISTA and want to discuss your rights with regard to ISTA's rejection of the Valeant offer, or if you have any questions, please contact Mark Alan Delaney at (617) 398-5650 or Mark@blockesq.com.
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