Kendall Law Group, led by former federal judge Joe Kendall, is investigating Medicis Pharmaceutical Corp. (NYSE: MRX) for shareholders in connection with the proposed acquisition by Valeant Pharmaceuticals International, Inc. The national securities firm’s investigation seeks to determine whether Medicis Pharmaceutical and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Medicis Pharmaceutical shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org. On September 4, 2012, the companies announced the definitive merger agreement under which Medicis Pharmaceutical would be acquired by Valeant Pharmaceuticals International, in a transaction valued at approximately $2.6 billion. Under the terms of the agreement, Medicis Pharmaceutical stockholders will receive $44.00 in cash for each share of Medicis Pharmaceutical/MRX common stock held. According to Thompson/First Call, analysts have set price targets as high as $49.00 per share for Medicis Pharmaceutical’s stock. The firm’s investigation seeks to determine whether Medicis Pharmaceutical and its Board undertook a fair process in negotiating the deal. Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.
Medicis Pharmaceuticals Corporation (NYSE:MRX) hit a new 52-week high Wednesday as it is currently trading at $43.73, above its previous 52-week high of $43.70 with 2.3 million shares traded as of 1:50 p.m. ET. Average volume has been 1.8 million shares over the past 30 days.
The ex-dividend date for Medicis Pharmaceuticals Corporation (NYSE:MRX) is tomorrow, September 27, 2012. Owners of shares as of market close today will be eligible for a dividend of 10 cents per share. At a price of $43.34 as of 9:30 a.m., the dividend yield is 0.9%.