Brannon Law Firm, L.L.C., a Metairie, Louisiana based securities litigation law firm, announces that it is commencing an investigation into the Board of Directors of MAP Pharmaceuticals, Inc. ("MAP" or the "Company") (Nasdaq: MAPP) to determine whether they have breached their fiduciary duties and other possible violations of state law in connection with the proposed tender offer/merger of MAP to Allergan, Inc. (NYSE: AGN). Under the terms of the transaction, Allergan will tender $25 per share to MAP shareholders. If Allergan does not hold 90% of more of the outstanding MAP shares following completion of the offer, the Company may hold a special shareholders’ meeting to obtain stockholder approval of the merger. The per share offer represents a total equity value of approximately at $985 million, on a fully-diluted basis.
The investigation is focused on the timing of the transaction, the mechanism effected to achieve the transaction, and the potential unfairness of the consideration to MAP shareholders and whether MAP’s Board of Directors acted in the shareholders’ best interest and properly shopped the company before entering into the acquisition agreement with Allergan, Inc. The value of MAP stock was expected to continue increasing upon the anticipated approval of its new drug for migraine treatment - LEVADEX. At least one analyst set a price target for MAP stock at $30.00 per share by the end of 2013.
If you have information relevant to this investigation, or if you own common stock in MAP and wish to discuss your legal rights as a MAP shareholder, you may, without obligation or cost to you, e-mail or call Paul M. Brannon (
) at (504)-456-8696.