Wolf Haldenstein Announces an Investigation of the Proposed Sale of Supertex Incorporated to Microchip Technology
February 10 2014 - 8:00PM
Business Wire
The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it
is investigating whether the board of directors of Supertex
Incorporated (NASDAQ:SUPX) breached their fiduciary duties in
agreeing to sell the company to Microchip Technology for only $33
per share in cash.
Supertex Incorporated, as of the most recent 10-Q filing for the
period ending December 28, 2013, reported $159 million in cash and
short-term investments, representing $13.95 per share in cash.
Thus, the effective net cost to Microchip is only $19 per share.
The deal is certainly favorable to Microchip shareholders, perhaps
at the expense of Supertex shareholders. According to the press
release announcing the transaction, “the acquisition is expected to
be accretive to Microchip’s non GAAP earnings per share in the
first full quarter after completion of the acquisition.”
Please contact Wolf Haldenstein immediately
if you are a Supertex shareholder and would like additional
information regarding your rights.
Wolf Haldenstein has represented individual and institutional
investors for many years, serving as lead counsel in numerous cases
in Federal and State courts. Please contact either Ben Kaufman or
Greg Stone to discuss this case.
Ben Kaufman, Esq: kaufman@whafh.com orGreg Stone:
gstone@whafh.comWolf Haldenstein Adler Freeman & Herz LLP270 Madison AvenueNew York, New York 10016
Phone Numbers:(800) 575-0735(212) 545-4650
Email: Classmember@whafh.com, Kaufman@whafh.com, or GStone@whafh.com and please reference “Supertex
Investigation.”
Attorney Advertising. Prior results do not guarantee or predict
a similar outcome.
Wolf Haldenstein Adler Freeman & Herz LLPBen
Kaufman, Esq: kaufman@whafh.comGreg Stone:
gstone@whafh.comorPhone Numbers:800-575-0735212-545-4650
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