The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Salix Pharmaceuticals, Ltd. (“Salix” or the “Company”) (Nasdaq: SLXP) relating to the proposed buyout of the Company by Valeant Pharmaceuticals International, Inc. (“Valeant”).
On February 22, 2015, Salix and Valeant announced the signing of a definitive agreement pursuant to which Valeant will acquire Salix in a transaction valued at approximately $14.5 billion.
Under the terms of the transaction, Salix shareholders are anticipated to receive $158.00 in cash for each share of Salix common stock held. The transaction is expected to close, in the second quarter of 2015, though Salix shareholders will most likely be asked to vote on the transaction well before that time.
The firm’s investigation seeks to determine, among other things, whether the Company’s Board of Directors failed to satisfy their duties to 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, according to Yahoo! Finance, at least one Wall Street analyst has issued a price target for Salix stock at $185.00 per share.
If you currently own common stock of Salix and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.
Contacts:
Charles J. Piven,
410-415-6616
1925 Old Valley Road
Stevenson, Maryland 21153
hoffman@browerpiven.com
