Block & Leviton LLP Investigates MAP Pharmaceuticals, Inc., for
Possible Breaches of Fiduciary Duty in Connection with Its
Acquisition by Allergan, Inc.
BOSTON, Jan. 23, 2013 /PRNewswire/ -- Block & Leviton
LLP (www.blockesq.com), a Boston-based law firm representing investors
nationwide, has commenced an investigation into possible breaches
of fiduciary duty by the Board of Directors of MAP Pharmaceuticals,
Inc. ("MAP" or the "Company") (NASDAQ: MAPP) concerning the
proposed acquisition of the Company by Allergan, Inc. ("Allergan")
in an all cash tender offer expected to close late in the first
quarter or in the second quarter of 2013.
Under the terms of the proposed merger, Allergan will acquire
MAP in a deal for approximately $25.00 per MAP share, setting a value for MAP at
approximately $958 million. The
Company's stock price has been on a steady upward climb over the
past two months, gaining approximately 20 percent since receiving
positive drug development news in mid-November 2012. The
proposed tender offer share price fails to take into account the
fact that MAP's common stock is set to soar upon the anticipated
approval of its new migraine treatment LEVADEX. Indeed, no
potential acquirer would have had the highly detailed knowledge of
MAP as Allergan, MAP's partner in the development of Levadex.
As such, it appears that the proposed transaction premium offers
insufficient recognition of MAP's growth potential. Analyst
Carl Cachia, writing for the website
Seeking Alpha, placed a price target of $30 for MAP stock by the end of 2013.
Block & Leviton's investigation seeks to determine, among
other things, whether MAP's Directors breached their fiduciary
duties by failing to maximize shareholder value in the proposed
acquisition by Allergan and the overall fairness of the process by
which the MAP Directors considered and approved the
transaction.
If you are a MAP shareholder and have questions about your legal
rights, or if you have information relevant to this investigation,
please contact attorney Steven P.
Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors
nationwide for violations of securities laws. The firm's
lawyers have collectively been prosecuting securities cases on
behalf of investors for over 50 years. This notice may
constitute attorney advertising.
Contact:
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
steven@blockesq.com
(617) 398-5600
SOURCE Block & Leviton LLP