SAN DIEGO, Nov. 8, 2013 /PRNewswire/ -- Shareholder rights
attorneys at Robbins Arroyo LLP are investigating the proposed
acquisition of Santarus, Inc. (NASDAQ: SNTS) by Salix
Pharmaceuticals, Ltd. (NASDAQ: SLXP). Santarus and Salix
announced the signing of a definitive merger agreement pursuant to
which Salix will acquire Santarus. Under the terms of the
agreement, holders of Santarus will receive $32.00 in cash for each share owned.
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Is the Merger Best for Santarus and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Santarus is undertaking a fair process to obtain
maximum value and adequately compensate Santarus shareholders in
the merger. Notably, Santarus is currently experiencing
success and growth in its business prospects, as indicated in its
November 7, 2013 press release
announcing the company's financial results for its third quarter
2013. In particular, Santarus reported substantial increases
in:
- Total revenue growth of 81% to $98.8
million, compared to 54.7% million for the same quarter
2012;
- Net income growth of 236% to $30.3
million, compared to $9.0
million for the same quarter 2012; and
- Cash, cash equivalents, and short-term investments growth of
78% to $168.7 million as of
September 30, 2013, compared with
$94.7 million at December 31, 2012.
Additionally, the officers and directors, who collectively own
12% of the outstanding shares of the company, have agreed to vote
in favor of the merger and vote against any alternative
transaction.
Given these facts, Robbins Arroyo LLP is examining the Santarus
board of directors' decision to sell the company to Salix now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects, and
whether they are seeking to benefit themselves.
Santarus shareholders have the option to file a class action
lawsuit to secure the best possible price for shareholders and the
disclosure of material information so shareholders can tender their
shares in an informed manner. Santarus 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