Investigations on behalf of certain current investors in Medarex inc.(Public, NASDAQ:MEDX) over possible breach of fiduciary duty by Medarex’s board of directors
San Diego, CA, July 30, 2009 — After Bristol-Myers Squibb Co yesterday announced to acquire Bristol-Myers Squibb Co for $2.4billion several Investigations on behalf of current investors of Medarex inc. (Public, NASDAQ:MEDX), who purchased the shares before July 22, 2009, over potential breaches of fiduciary duty and other violations of state law in connection with an alleged unfair takeover price were immediately announced.
Those who currently are investors in Medarex inc. (Public, NASDAQ:MEDX), and purchased the shares before July 22, 2009, have certain options and should contact the Shareholders Foundation, Inc. at Email: mail(at)shareholdersfoundation.com or call at: +1 (858) 779 – 1554. The investigations by law firms focus on potential breaches of fiduciary duty and other violations of state law by the Board of Directors of Medarex inc. (Public, NASDAQ:MEDX) arising out of their attempt to sell Medarex to Bristol-Myers Squibb Co under the given conditions. Bristol-Myers Squibb Company (NYSE:BMY) and Medarex, Inc. (NASDAQ: MEDX)
announced on July 22, 2009 that the companies have signed a definitive merger agreement providing for the acquisition of Medarex by Bristol-Myers Squibb, for $16.00 per share in cash. Furthermore the companies said, that “the transaction has been unanimously approved by the boards of directors of both companies”.
But according to one investigation the transaction appears to be unfair to current investors of Medarex inc. (Public, NASDAQ:MEDX) as the offer appears opportunistically timed to take advantage of the current economic downturn and offers little price premium to Medarex’s shareholders. Thus the investigation primarily focuses on whether Board of Directors of Medarex fulfilled their fiduciary duties to maximize shareholder value in connection with the proposal.
Medarex, Inc., located in Princeton, NJ, is a biopharmaceutical company focused on the discovery, development and commercialization of human antibody-based therapeutic products. The Company, along with its partners, is developing fully human antibody therapeutics for a range of diseases through the use of its UltiMAb technology platform for generating antibodies. Medarex inc. reported in 2007 Total Revenue of $56.26million and in 2008 $52.29million. Shares of Medarex inc. (Public, NASDAQ:MEDX) traded at $ 15.86 per share after the announcement, down from over $17 per share in 2007.
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Contact:
Trevor Allen
Shareholders Foundation, Inc.
3111 Camino Del Rio North, Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
Fax: +1-(858)-605-5739
[email protected]
http://www.ShareholdersFoundation.com
