Verigy Ltd. Shareholder Investigation by Briscoe Law Firm Concerning Acquisition by Advantest Corporation
March 30 2011 - 11:09AM
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 securities litigation law firm of
Powers Taylor, LLP are investigating potential legal claims against
the Board of Directors of Verigy Ltd. (“Verigy” or “VRGY”) (NASDAQ:
VRGY) related to the proposed buyout of Verigy by Advantest
Corporation. The definitive merger agreement, which was announced
on March 28, 2011, involves an all-cash transaction valued at
approximately $1.1 billion. Under the proposed buyout, Verigy
shareholders will receive $15.00 in cash for each share of
Verigy/VRGY common stock they hold.
The investigation relates to the fairness of the proposed
transaction to Verigy shareholders and whether Verigy’s Board of
Directors acted in the shareholders’ best interests. Although the
acquisition price represents a premium over Verigy’s closing price
the day before the merger announcement, at least one analyst has
set a target price for Verigy/VRGY stock as high as $16.00 per
share. Based on this and other factors, the firms do not believe
that the acquisition price is fair to Verigy shareholders. In
addition, the firms seek to determine through their investigation
whether Verigy’s Board of Directors adequately considered all
viable alternatives and properly shopped the company before
entering into the acquisition agreement.
If you currently own shares of Verigy/VRGY and would like
additional information regarding this investigation, or if you have
information regarding the allegations involved in 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 matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters
nationwide, including claims of investor and stockholder fraud,
shareholder oppression, shareholder derivative suits, and security
class actions.
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