Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of California Micro Devices
January 06 2010 - 7:37PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
California Micro Devices (Nasdaq:CAMD) related to its merger
agreement with ON Semiconductor to acquire California Micro Devices
in a cash transaction valued at approximately $108 million, based
on common stock outstanding and issued.
Under the terms of the proposed transaction and related merger
agreement, which has been approved by both boards of directors, ON
Semiconductor commenced a tender offer on December 28, 2009, to
purchase all outstanding shares of California Micro Devices common
stock for $4.70 per share in cash. The agreement also provides that
the parties effect, subject to the satisfaction or waiver of
customary conditions, a merger following the completion of the
tender offer, which will result in all shares of California Micro
Devices common stock not tendered in the tender offer being
converted into the right to receive the same $4.70 per share in
cash paid in the tender offer. The companies expect the transaction
to close in the first quarter of 2010. The investigation concerns
possible breaches of fiduciary duty and other violations of law
related to approval of the transaction by the California Micro
Devices board of directors.
If you own shares of California Micro Devices, if you have
information or would like to learn more about these claims, or if
you wish to discuss these matters or have any questions concerning
this announcement or your rights or interests with respect to these
matters, please contact Howard G. Smith, Esquire, of Law Offices of
Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem,
Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at
(888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or
visit our website at http://www.howardsmithlaw.com.
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