Shareholder Alert: The Briscoe Law Firm Investigates Microtune Inc.’s Board Concerning the Acquisition of Microtune by Zora...
September 08 2010 - 11:43AM
Business Wire
The Briscoe Law Firm, PLLC, founded by a former state prosecutor
and enforcement attorney for the United States Securities and
Exchange Commission, and the law firm of Powers Taylor, LLP are
investigating potential legal claims against the Board of Directors
of Microtune Inc. (“TUNE” or “Company”) (NASDAQ: TUNE) related to
the proposed acquisition of Microtune by Zoran Corporation.
The agreement involves a transaction valued at approximately
$166 million, under which Microtune shareholders will receive $2.92
in cash for each share of TUNE common stock they hold. Although the
proposed acquisition price represents a 19% premium over
Microtune’s closing price on September 7, 2010, at least one
analyst has set a target price of $5.00 per share. In addition, due
to the fact that Microtune stock has traded higher than the
acquisition price this year, the proposed price appears to be
unfair to Microtune shareholders.
The investigation relates to possible breaches of fiduciary duty
and other violations of state law by the Board of Directors of
Microtune for approving this transaction, whether the consideration
to be received by Microtune shareholders is fair, and whether
Microtune’s Board of Directors acted in the shareholders’ best
interests.
If you currently own shares of Microtune/TUNE and would like
additional information regarding this investigation, or if you have
information regarding the allegations involving this transaction,
please contact Patrick Powers at Powers Taylor, LLP, toll free
(877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie
Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or
via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or
fee to you.
The Briscoe Law Firm is a full service business litigation and
shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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