Rigrodsky & Long, P.A. announces that it is investigating potential claims against the board of directors of Inhibitex, Inc. (“Inhibitex” or the “Company”) (Nasdaq: INHX) concerning possible breaches of fiduciary duty and other violations of law related to the Company’s entry into an agreement to be acquired by Bristol-Myers Squibb Company (“Bristol-Myers”) in a transaction with an approximate value of $2.5 billion.
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Under the proposed agreement, Bristol-Myers Squibb will commence a cash tender offer to purchase all of the outstanding shares of Inhibitex’s common stock for $26.00 per share.
The investigation concerns whether Inhibitex’s board of directors adequately shopped the Company to obtain the best price possible for Inhibitex shareholders before entering into the agreement with Bristol-Myers. Indeed, shareholders with beneficial ownership of approximately 17% of Inhibitex’s common stock have already entered into agreements with Bristol-Myers to support the transaction and to tender their shares in the tender offer.If you own the common stock of Inhibitex and purchased your shares before January 7, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development Director, of Rigrodsky & Long, P.A., 919 N. Market Street, Suite 980, Wilmington, Delaware 19801, by telephone at (888) 969-4242, or by e-mail to firstname.lastname@example.org. Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.