Rigrodsky & Long, P.A. Announces Investigation of Techwell, Inc.
22 Marzo 2010 - 1:51PM
Business Wire
Rigrodsky & Long, P.A. announces that it is investigating
potential claims against the board of directors of Techwell, Inc.
(“Techwell” or the “Company”) (Nasdaq: TWLL) concerning possible
breaches of fiduciary duty and other violations of law related to
the Company’s entry into an agreement to be acquired by Intersil
Corporation (“Intersil”) (Nasdaq: ISIL) in a transaction valued at
approximately $370 million.
Under the proposed agreement, Intersil will make a cash tender
offer of $18.50 per share for each share of Techwell common stock
outstanding. In addition, Techwell's directors, entities affiliated
with Technology Crossover Ventures, and certain executive officers
of Techwell (in total representing approximately 23% of the
outstanding shares) have already agreed to tender their shares into
Intersil’s offer. On February 4, 2010, the Company announced
improved revenue for the fourth quarter of 2009 over the third
quarter of 2009 and over the same period in 2008. The investigation
concerns whether Techwell’s board of directors failed to adequately
shop the Company and obtain the best price possible for Techwell’s
shareholders before entering into the agreement with Intersil.
If you own the common stock of Techwell and purchased your
shares before March 22, 2010, 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
Seth D. Rigrodsky, Esquire or Noah R. Wortman, Case Development
Director, of Rigrodsky & Long, P.A., 919 N. Market Street,
Suite 980, Wilmington, Delaware, by telephone at (888) 969-4242, or
by e-mail to info@rigrodskylong.com.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware
and Garden City, New York, regularly litigates securities class,
derivative and direct actions, shareholder rights litigation and
corporate governance litigation, including claims for breach of
fiduciary duty and proxy violations in the Delaware Court of
Chancery and in state and federal courts throughout the United
States.
Attorney advertising. Prior results do not guarantee a similar
outcome.
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