Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor, LLP are investigating the sale of Ardea Biosciences, Inc. (“Ardea” or “RDEA”) (NASDAQ: RDEA) to AstraZeneca for shareholders. Under the proposed buyout, Ardea shareholders will receive only $32.00 in cash for each share of Ardea stock owned, which is well below the target price of $41.00 per share announced by analysts.
If you are an affected investor, and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction with a total equity value of approximately $1.26 billion. The transaction is expected to close in the second or third quarter of 2012.
According to shareholder rights attorney Willie Briscoe, “Based on the lack of a significant premium to Ardea shareholders and other factors, the firms are investigating whether the buyout price is fair to Ardea shareholders. Our proposed shareholder lawsuit seeks to obtain additional value for shareholders than what is proposed in the current buyout offer." Specifically, the investigation centers on whether Ardea shareholders are receiving adequate compensation for their shares in the buyout, whether the transaction undervalues Ardea’s stock, and whether Ardea’s board attempted to obtain the highest share price for all shareholders prior to agreeing to the deal. For example, according to Yahoo! Finance, at least one analyst has reported that the true inherent value of Ardea shares may be as high as $41.00 per share.The Briscoe Law Firm, PLLC is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters. Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.