The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of ISTA Pharmaceuticals, Inc. (NASDAQ: ISTA) (“ISTA”) and other violations of state law by the board of directors of ISTA relating to the proposed acquisition of the company by Bausch + Lomb. The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On March 26, 2012, Bausch + Lomb and ISTA announced that they had entered into a definitive agreement providing for Bausch + Lomb to acquire ISTA for $500 million. Under the terms of the merger agreement, ISTA shareholders will receive $9.10 for each share of ISTA common stock held. However, according to Yahoo! Finance, the median analyst price target is $10.50 per share, with at least one analyst setting a high price target of $12.00 per share. In addition, while the press release announcing the merger claims the purchase price reflects a 10% premium to the share price as of the market close on March 23, 2012, according to Bloomberg, the average premium paid for more than 1,459 therapeutics companies is 26.76%.
If you currently own shares of ISTA and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at
, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.