Shareholders are investigating whether Micrus Endovascular Corp. (NASDAQ: MEND) and its board are selling the company at an unfair price. Micrus shareholders are to receive $23.40 per common share from Johnson & Johnson or a mere 5.5% premium.
Stockholders are concerned the Micrus Endovascular board of directors breached its fiduciary duty in agreeing to sell Micrus to Johnson & Johnson for too little consideration, and are investigating whether Micrus explored strategic alternatives. Notably, analysts have valued Micrus higher than what shareholders are to receive under the terms of the acquisition. Micrus stock has risen nearly 50% this year alone.
Micrus develops, manufactures and markets implantable and disposable medical devices for use in the treatment of cerebral vascular diseases. The J&J acquisition values Micrus at approximately $480 million.
The boards of directors of both companies have approved the transaction. After the closing, Micrus Endovascular will become part of J&J, and Micrus stock will cease trading.
If you would like more information about our investigation or your rights concerning the Micrus acquisition, please call us at 1-877-573-0007 or complete the form below.