SAN DIEGO and STEWARTVILLE,
Minn., Sept. 5, 2013
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo
LLP are investigating the acquisition of Rochester Medical
Corporation (NASDAQ: ROCM) ("Rochester Medical") by C. R. Bard,
Inc. (NYSE: BCR) ("Bard"). On September 4,
2013, Rochester Medical announced a definitive merger
agreement under which Bard will acquire Rochester Medical for
$20 in cash for each share of stock.
The transaction is expected to close in the fourth quarter of
2013.
(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Merger Best for Rochester Medical and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Rochester Medical is undertaking a fair process to
obtain maximum value and adequately compensate its shareholders in
the merger. On July 30, 2013,
Rochester Medical issues a press release announcing the company's
operating results for its third quarter ended June 30, 2013, reporting strong increases in net
income and sales. Specifically, Rochester Medical reported a
127% increase in net income to $1,130,000 as compared to $496,000 for the same period 2012. The
company also reported an increase in sales of approximately 10%,
resulting from a 12% increase in Rochester Medical Direct Sales and
a 5% increase in Private Label Sales. In announcing these
results, Rochester Medical's Chief Executive Officer and President
Anthony J. Conway commented, "We
reported another quarter of strong growth, led by the United States and the United Kingdom, where Direct Sales, excluding
Foley Catheters, grew 30% and 26% respectively. We are pleased with
our performance this year and remain on track to achieve our
Foley adjusted 2013 guidance for
revenue of approximately $67 million
and after-tax profit of approximately $7
million."
Additionally, the officers and directors, who collectively own
11.2% of Rochester Medical's outstanding shares, have agreed to
vote their shares in favor of the merger and also agreed to certain
restrictions on the disposition of such shares.
Given these facts, Robbins Arroyo is examining Rochester
Medical's board of directors' decision to sell the company to Bard
now rather than allow shareholders to continue to participate in
the company's continued success and future growth prospects, and
whether they are seeking to benefit themselves.
Rochester Medical shareholders have the option to file a class
action lawsuit to secure the best possible price for shareholders
and the disclosure of material information so shareholders can vote
on the transaction in an informed manner. Rochester Medical
shareholders interested in information about their rights and
potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. For more information, please go to
http://www.robbinsarroyo.com.
Press release link:
http://www.robbinsarroyo.com/shareholders-rights-blog/rochester-medical-corporation/
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP