Shareholders are investigating whether Virage Logic Corp. (NASDAQ: VIRL) and its board are selling the company via an unfair price at an unfair price. Virage Logic shareholders are to receive $12 per common share from Synopsys, Inc.
Stockholders are concerned the Virage Logic board of directors breached its fiduciary duty in agreeing to sell Virage Logic to Synopsys, Inc. for too little consideration, and are investigating whether Virage Logic explored strategic alternatives. Notably, analysts have valued Virage Logic higher than what shareholders are to receive under the terms of the acquisition. Virage Logic Corp. is a chip design software company and the Synopsys acquisition values Virage at approximately $315 million.
The boards of directors of both companies have approved the transaction, and Virage Logic President and CEO Alex Shubat will join Synopsys. After the closing, Virage Logic will become part of Synopsys, and Virage Logic stock will cease trading.
If you wish to speak with us or desire additional information about your rights concerning the Virage Logic acquisition, please call us at 1-877-573-0007 or complete the form below.