Law Firm Brower Piven Announces Investigation in Connection With the Acquisition of Ardea Biosciences, Inc. by AstraZeneca Bi...
April 23 2012 - 12:43PM
Business Wire
The law firm of Brower Piven, A Professional Corporation, has
commenced an investigation into possible breaches of fiduciary duty
to current shareholders of Ardea Biosciences, Inc. (“Ardea”)
(NASDAQ: RDEA) and other violations of state law by the board of
directors of Ardea relating to the proposed acquisition of the
company by AstraZeneca Biopharmaceuticals Inc. (“AstraZeneca”). The
firm’s investigation seeks to determine, among other things,
whether the board breached its fiduciary duties by failing to
maximize shareholder value.
On April 23, 2012, Ardea and AstraZeneca announced that they had
entered into definitive merger agreement providing for AstraZeneca
to acquire Ardea for approximately $1.26 billion. Under the terms
of the merger agreement, Ardea shareholders will receive $32 for
each share of Ardea common stock held. However, according to Yahoo!
Finance, at least one analyst has set a high price target of $40
per share.
If you currently own shares of Ardea 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.
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