SAN DIEGO and SUNNYVALE,
Calif., Feb. 10, 2014
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo
LLP are investigating the proposed acquisition of Supertex, Inc.
(NASDAQ: SUPX) by Microchip Technology, Inc. (NASDAQ: MCHP).
On February 10, 2014, the two
companies announced the signing of a definitive merger agreement
pursuant to which Microchip Technology will acquire all of the
outstanding shares of Supertex stock for $33.00 per share in cash.
(Logo:
http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Proposed Merger Best for Supertex and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Supertex is undertaking a fair process to obtain
maximum value and adequately compensate Supertex shareholders.
On January 21, 2014, Supertex
released its third quarter 2013 earnings, reporting strong
year-over-year increases in net sales, net income, and net margin.
Specifically, Supertex reported net sales of $ 17,351,000, an increase of 21% over the
comparable quarter 2012. The company also reported net income
on a GAAP basis of $2,677,000 or
$0.23 per diluted share as compared
with $1,431,000, or $0.12 per dilutes share for the same period of
the prior fiscal year. Further, Supertex increased its net
margin 10% over the same nine month period in 2012. Finally,
Supertex beat Bloomberg analyst estimates for EPS by 14.29% and has
beaten Bloomberg EPS estimates in eight of the last ten
quarters.
In commenting on the these results, the company's President and
Chief Executive Officer, Dr. Henry C.
Pao, stated, "Overall it was a very good quarter…. We
continue to achieve design wins in many of our new products, some
of which have gone to volume production faster than expected and we
have many more innovative products in the pipeline. We're meeting
our operating objectives. Gross margin was 56% for both the third
fiscal quarter and the nine month period which is running nearly
eight percentage points higher than last year."
Given these facts, Robbins Arroyo LLP is examining the Supertex
board of directors' decision to sell the company to Microchip
Technology now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Supertex shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. Supertex 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 law
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.
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