Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of PLX Technology, Inc. (“PLX” or the “Company”) (NASDAQ: PLXT) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Integrated Device Technology, Inc. (“IDT”) (NASDAQ: IDTI) in a cash-and-stock transaction valued at approximately $330 million. Under the terms of the proposed transaction, PLX shareholders will receive $3.50 in cash and 0.525 shares of IDT common stock for each share of PLX common stock they hold, representing consideration to PLX stockholders of $6.72 per share based on the closing price of IDT stock on May 1, 2012, while according to Yahoo! Finance, at least one financial analyst has set a price target of $7.00 for PLX.
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Whether PLX’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct an adequate and fair sales process prior to agreeing to this proposed transaction, whether the proposed transaction undervalues PLX’s shares and by how much this proposed transaction undervalues the Company to the detriment of PLX’s shareholders are the key focus of this investigation.
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