Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Proposed Sale of Solta Medical, Inc. to Valeant ...
December 16 2013 - 10:53AM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP is
investigating whether members of the board of directors of Solta
Medical, Inc. (NASDAQ: SLTM) breached their fiduciary duties in
connection with the planned sale of the company to Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX).
Solta is a global leader in the medical aesthetics market
providing innovative, safe, and effective solutions for patients
that enhance and expand the practice of medical aesthetics for
physicians. On December 16, 2013, Solta and Valeant announced that
they had entered into a definitive agreement under which Valeant
will acquire all of the outstanding shares of Solta’s common stock
for $2.92 per share in cash. The acquisition is worth a total of
approximately $250 million. The transaction is structured as a
tender offer, and the parties expect the transaction to close in
the first quarter of 2014.
The investigation concerns whether Solta’s board members failed
to satisfy their duties to the company’s shareholders, including
whether the board adequately pursued alternatives to the
acquisition and whether the board obtained the best price possible
for the Company’s shares of common stock.
In particular, the deal comes on the heels of Solta’s recent
announcement that it was considering its strategic alternatives. On
November 11, 2013, Solta announced during an earnings call that it
had hired Piper Jaffray to explore the company’s strategic
alternatives. Barely one month later, Solta and Valeant entered
into a definitive agreement. Moreover, the $2.92 per share agreed
to by the Solta board is less than the $3 per share median price
target set by analysts and falls well short of the high-end $4 per
share price target.
If you are a Solta shareholder and would like additional
information concerning your legal rights, please contact lead
analyst Jim Baker (jimb@johnsonandweaver.com) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California and New York. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits. For more
information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
Johnson & Weaver, LLPJim Baker, 619-230-0063 Ext.
118jimb@johnsonandweaver.com
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