Law Office of Brodsky & Smith, LLC Announces Investigation of California Micro Devices Corp.
December 16 2009 - 4:21PM
Business Wire
Law office of Brodsky & Smith, LLC announces that it is
investigating potential claims against the Board of Directors of
California Micro Devices Corp. (“CAMD” or the “Company”) (Nasdaq:
CAMD) related to the proposed acquisition by On Semiconductor Corp.
(Nasdaq: ONNN).
Under the terms of the transaction, CAMD stockholders will
receive $4.70 in cash for each share of CAMD common stock they own.
The transaction is valued at approximately $103 million. The
investigation concerns whether the board breached their fiduciary
duties by agreeing to various deal protections that may prevent
other superior offers. These protections include a no-solicitation
provision, the board’s agreement to pay a $3.475 million
termination fee payable if the Company breaches its non-solicit
obligations, the offer does not close by a 3.5 month “drop-dead”
date, the merger agreement is terminated by either party, a third
party acquisition proposal has not been withdrawn, and any third
party deal is signed within twelve months of the termination.
If you are a CAMD shareholder and wish to discuss the legal
ramifications of the Board’s actions, you may e-mail or call the
law office of Brodsky & Smith, LLC who will, without obligation
or cost to you, attempt to answer your questions. You may contact
Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky
& Smith, LLC, 9595 Wilshire Blvd., Suite 900, Beverly Hills, CA
90212, by e-mail at clients@brodsky-smith.com, or by calling toll
free 877-LEGAL-90.
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