Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of Penwest Pharmaceuticals Co.
10 Agosto 2010 - 7:56PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Penwest Pharmaceuticals Co. (“Penwest” or the “Company”)
(NASDAQ:PPCO) related to the Company’s agreement to be acquired by
Endo Pharmaceuticals Holdings Inc. (“Endo”). The proposed all-cash
transaction is valued at approximately $168 million.
Under the terms of the merger agreement entered into by the
parties, Endo will commence a tender offer to acquire all of the
outstanding common stock of Penwest for $5.00 per share in cash.
The tender offer is expected to commence shortly and to be
completed in September 2010. Endo will acquire any Penwest shares
that are not purchased in the tender offer in a second-step merger,
which is expected to be completed in the fourth quarter of 2010, at
the same per-share price paid in the tender offer. The
investigation concerns possible breaches of fiduciary duty and
other violations of law related to approval of the proposed
transaction by Penwest’s board of directors.
If you own shares of Penwest, 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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