Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether the Board of Directors of Santarus, Inc. (Nasdaq: SNTS) breached its fiduciary duties in connection with the Company’s proposed acquisition by Salix Pharmaceuticals, Ltd. (Nasdaq: SLXP).
On November 7, 2013, Salix announced that it had entered into a definitive merger agreement to acquire Santarus for $32.00 per share in cash, representing a total deal value of approximately $2.6 billion.
The investigation will determine whether the Santarus Board of Directors breached its fiduciary duties to stockholders by failing to satisfactorily shop the Company before entering into the merger agreement.
The proposed merger was announced the same day Santarus reported third quarter financial and operating results for the nine months ended September 30, 2013. Total revenues for the quarter grew 81% and net income increased by 189%. W. Scott Holleman, an attorney for Johnson & Weaver, stated that, “Salix Pharmaceuticals’ offer appears to be inadequate and not in the best interest of the shareholders.” Holleman continued, “Santarus revenues have been accelerating at a tremendous pace and I believe the stock should warrant a higher price.”If you are a shareholder of Santarus and believe 1) the proposed buyout price is too low or 2) the deal favors the officers and directors and not the shareholders or 3) you’re interested in learning more about the investigation or your legal rights and remedies, please contact attorney Scott Holleman ( ScottH@johnsonandweaver.com) at 212-802-1486. Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.