Law Firm Brower Piven Announces Investigation In Connection With Par Pharmaceutical Companies, Inc. Buyout

The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Par Pharmaceutical Companies, Inc. (NYSE: PRX) (“Par Pharmaceutical”) and other violations of state law by the board of directors of Par Pharmaceutical relating to the proposed buyout of the company by private investment firm Tarrant Capital IP, LLC (“TPG”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value.

On July 16, 2012, Par Pharmaceutical announced that it had entered into a definitive merger agreement to be acquired by an affiliate of TPG in a transaction with an equity value of $1.9 billion. Under the terms of the buyout transaction, Par Pharmaceutical shareholders will receive $50.00 for each share of Par Pharmaceutical common stock held. However, according to an article in the NEW YORK TIMES DEAL BOOK, “[A]n analyst at UBS, Ami Fadia, said potential takeover bids from another company could reach as high as $60 a share. . . . Another analyst, Kevin Kedra at Gabelli & Company, pegs the company’s value even higher, at $67 a share.”

If you currently own shares of Par Pharmaceutical and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at hoffman@browerpiven.com, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.

Copyright Business Wire 2010

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