Santarus, Inc. (NASDAQ:SNTS): Nationwide Law Firms Investigating Potential Breaches in Sale Process


Dallas, Texas 11/14/2013 (Financialstrend) – Recently, one of the nation’s largest 200 law firms, Morgan & Morgan announced to have been investigating potential claims against Santarus, Inc. (NASDAQ:SNTS)’s Board of Directors. The investigation is related to the proposed acquisition of the company by Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP).

The Allegation

Under the terms of proposed transaction valued at approximately $2.6 billion, Santarus, Inc. (NASDAQ:SNTS) stockholders will be receiving $32 per share for each share hold. Morgan & Morgan is investigating possible concerns related to breaches of fiduciary duty and other possible violations of law by Santarus, Inc. (NASDAQ:SNTS)’s Board of Directors for not acting in best interest of company’s shareholders with regards to the sale process.

Related Investigations

Among other law firms investigating the claims, Rigrodsky & Long, P.A. also announced on November 11, 2013 to have been investigating possible breaches of fiduciary duties by the Board of Directors of Santarus, Inc. (NASDAQ:SNTS) for the claims whether they failed to substantially shop the Company to obtain best possible deal for the Company’s shareholders before entering into a definitive merger agreement with Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP).

The national shareholder litigation firm, Ryan & Maniskas, LLP; Harwood Feffer LLP; Kirby McInerney LLP; Howard G. Smith; Wolf Haldenstein Adler Freeman & Herz LLP and Pomerantz Grossman Hufford Dahlstrom & Gross LLP among others are also investigating the potential claims on behalf of Santarus, Inc. (NASDAQ:SNTS) stockholders.

The Merger Agreement

The proposed agreement by Salix Pharmaceuticals, Ltd. (NASDAQ:SLXP) to acquire Santarus, Inc. (NASDAQ:SNTS) in all cash deal valued at $32.00 per share or about 39% premium over Santarus’ average closing stock price for the prior 30-trading day period. The acquisition will allow Salix to position itself as the largest U.S. gastroenterology focused pharmaceutical company while expanding its gastrointestinal product sales with Santarus’ experienced specialty sales force.

Stock Update

The Stock of Santarus, Inc. (NASDAQ:SNTS) gained 0.19% during Wednesday’s trade and closed at $31.97.