Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of BioMimetic Therapeutics Inc. (“BioMimetic” or the “Company”) (NASDAQ: BMTI) for potential breaches of fiduciary duties in connection with their conduct related to the sale of the Company to Wright Medical Group Inc. (“WMGI”) (NASDAQ: WMGI) in a cash-and-stock deal valued at approximately $380 million. Under the terms of the proposed transaction, BioMimetic’s stockholders will receive $1.50 in cash and 0.2482 of a WMGI share for each share of BioMimetic common stock they own. The transaction values the proposed consideration at approximately $6.47 based on WMGI’s closing stock price on Friday, November 16, 2012, while according to Yahoo! Finance, at least one financial analyst has set a price target of $7.50 for BioMimetic.
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The investigation focuses on whether BioMimetic’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 and by how much this proposed transaction undervalues the Company to the detriment of BioMimetic’s shareholders.
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