Briscoe Law Firm Investigates Martek Biosciences For Shareholders
Briscoe Law Firm, PLLC, founded by a former state prosecutor and
enforcement attorney for the United States Securities and Exchange
Commission, and the law firm of
Taylor LLP are investigating the...
The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor LLP are investigating the fairness of the proposed acquisition of Martek Biosciences Corporation (“Martek Biosciences” or “MATK”) (NASDAQ: MATK) by Royal DSM N.V. (“DSM”) for shareholders. The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Martek Biosciences for approving this transaction, whether Martek Biosciences’ Board of Directors acted in the shareholders’ best interests, and whether the transaction provides fair value and adequate disclosures to the shareholders. The definitive acquisition agreement, which was announced on December 21, 2010, involves an all-cash tender offer valued at approximately $1.09 billion that is expected to commence in January 2011 and close in February 2011. Under the proposed acquisition, Martek Biosciences shareholders will receive a cash payment of only $31.50 for each share of Martek Biosciences/MATK common stock they hold. While the acquisition price reportedly represents an approximate 35% premium over Martek Biosciences’ closing price the day before the acquisition announcement, Martek Biosciences recently reported strong fourth quarter results, including a 36% increase in revenue growth, well above analysts’ estimates, and operational improvements. Based on this and other factors, the firms believe that the acquisition price significantly undervalues the company and may not be fair to Martek Biosciences shareholders. If you currently own shares of Martek Biosciences/MATK and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you. The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.