Harwood Feffer LLP Announces Investigation of Adolor Corp.
October 24 2011 - 1:13PM
Business Wire
Harwood Feffer LLP (www.hfesq.com)
is investigating potential claims against the board of directors of
Adolor Corp. ("Adolor" or the "Company") (NASDAQ: ADLR) concerning
the proposed acquisition of the Company by Cubist Pharmaceuticals,
Inc. (“Cubist”).
On October 24, 2011, Adolor and Cubist announced they had
entered into a definitive agreement pursuant to which Cubist will
acquire Adolor. Under the terms of the agreement, Cubist will
acquire all outstanding shares of Adolor for $4.25 per share in
cash. In addition to the cash payment Adolor shareholders would
receive one Contingent Payment Right (“CPR”) entitling the holder
to receive additional cash payments of up to $4.50 for each share
owned if certain benchmarks are achieved. Under the agreement,
Cubist will commence a tender offer to purchase all outstanding
shares of Adolor for the upfront cash payment and CPR. According to
Yahoo Finance, the median analyst target price for Adolor shares is
$6.25 per share. At least one analyst has set a target price of
$8.00 per share.
Our investigation concerns whether the board of directors has
breached its fiduciary duties by failing to adequately shop the
Company and whether the board undertook a fair process and obtained
fair consideration for Adolor stockholders.
Harwood Feffer has been representing individual and
institutional investors for many years, serving as lead counsel in
numerous cases in federal and state courts. Please visit the
Harwood Feffer LLP website (http://www.hfesq.com) for more
information about the firm.
If you own Adolor shares and wish to discuss this matter with
us, or have any questions concerning your rights and interests with
regard to this matter, please contact:
Robert I. Harwood, Esq. Matthew M. Houston, Esq. Benjamin
Sachs-Michaels Harwood Feffer LLP 488 Madison Avenue New York, New
York 10022 Phone Numbers: (877) 935-7400 (212) 935-7400
Email: bsachsmichaels@hfesq.com
Website: http://www.hfesq.com
Attorney Advertising. © 2011 Harwood Feffer LLP. The law firm
responsible for this advertisement is Harwood Feffer LLP
(www.hfesq.com). Prior results do not guarantee or predict a
similar outcome with respect to any future matter.
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