Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Pet DRx Corporation - VETS
June 02 2010 - 1:07PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Pet DRx Corporation (“Pet DRx” or the “Company”) (NasdaqCM: VETS)
for possible breaches of fiduciary duty and other violations of
state law in connection with their attempt to sell the Company to
VCA Antech Inc. ("VCA Antech ") (NasdaqGS: WOOF). Under the terms
of the transaction, Pet DRx shareholders will receive in the range
of $0.34 to $0.36 in cash for each Pet DRx share of common stock
they own for a total transaction value of approximately $41.25
million, including the pay down of approximately $28.5 million in
debt.
VCA Antech will acquire PET DRx in two stages. In the first
stage, VCA Antech will acquire a majority of the shares of the
Company (on a fully diluted basis) pursuant to a stock purchase
agreement entered into among VCA Antech, PET DRx, and certain
selling stockholders, which is expected to close within 30 days. In
the second stage, VCA Antech will acquire the remaining issued and
outstanding shares of the Company pursuant to a merger
agreement.
The investigation concerns whether the Pet DRx Board of
Directors breached their fiduciary duties to Pet DRx stockholders
by failing to adequately shop the Company before entering into this
transaction and whether VCA Antech is underpaying for Pet DRx
shares, thus unlawfully harming Pet DRx stockholders. In
particular, Pet DRx stock traded at $0.50 per share as recently as
February 12, 2010 and the Company has a book value of $0.64 per
share.
If you own common stock in Pet DRx and wish to obtain additional
information, please contact Joseph E. Levi, Esq. either via email
at jlevi@zlk.com or by telephone at (212) 363-7500 or visit
http://www.zlk.com/petdrx-vets.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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