SAN DIEGO, CA--(Marketwire - April 3, 2012) - The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of ISTA Pharmaceuticals, Inc. (ISTA) against directors of ISTA Pharmaceuticals, Inc. in an effort to stop the proposed takeover of ISTA Pharmaceuticals by Bausch + Lomb for $9.10 per share.
If you purchased shares of ISTA Pharmaceuticals, Inc. (ISTA) prior to March 26, 2012 and currently hold any of those ISTA shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
On March 26, 2012, ISTA Pharmaceuticals, Inc. and Bausch + Lomb and announced that they have signed an agreement under which Bausch + Lomb will acquire ISTA Pharmaceuticals, Inc. for $9.10 per share in cash, or a total of approximately $500 million.
However, the plaintiff claims that the offered price is too low and unfair to ISTA stockholders. Indeed, ISTA shares traded in May 2011 as high as $11.26 per share and at least one analyst has set the high target price for ISTA shares at $12 per share, thus both well above the $9.10 offer.
Furthermore, the plaintiff alleges that the proposed transaction is also unfair because as part of the merger agreement defendants agreed to certain onerous and preclusive deal protection devices, such as a no shop, a no solicitation, a matching rights, and a $14.5million termination fee provision, that operate conjunctively to make the proposed transaction a fait accompli and ensure that no competing offers will emerge for the company.
Those who currently are investors in ISTA Pharmaceuticals, Inc. (ISTA) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.