The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Ardea Biosciences, Inc. (“Ardea”) (NASDAQ: RDEA) and other violations of state law by the board of directors of Ardea relating to the proposed acquisition of the company by AstraZeneca Biopharmaceuticals Inc. (“AstraZeneca”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.
On April 23, 2012, Ardea and AstraZeneca announced that they had entered into definitive merger agreement providing for AstraZeneca to acquire Ardea for approximately $1.26 billion. Under the terms of the merger agreement, Ardea shareholders will receive $32 for each share of Ardea common stock held. However, according to Yahoo! Finance, at least one analyst has set a high price target of $40 per share.
If you currently own shares of Ardea 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.