WILMINGTON, Del.--(BUSINESS WIRE)--Rigrodsky & Long, P.A. announces that it is investigating potential legal claims against the board of directors of BioMimetic Therapeutics, Inc. (“BMTI” or the “Company”) (NASDAQ GS: BMTI) regarding possible breaches of fiduciary duties and other violations of law related to the Company’s entry into an agreement to be acquired by Wright Medical Group, Inc. (“Wright”) (NASDAQ GS: WMGI) in a transaction valued at approximately $380 million.
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Under the terms of the proposal, public shareholders of BMTI will receive $12.97 per share in cash for each share of BMTI they own, based on Wright’s closing stock price on Friday, November 16, 2012. Each share of BMTI common stock will be converted into the right to receive an upfront payment of $1.50 in cash and 0.2482 shares of Wright common stock. The upfront payment values BMTI at approximately $190 million, or $6.47 per share, based on Wright’s closing stock price on November 16, 2012. Each BMTI share will also receive one tradable Contingent Value Right (“CVR”), which entitles its holder to receive additional cash payments of up to $6.50 per share, which are payable upon receipt of FDA approval of Augment® Bone Graft and upon achieving certain revenue milestones.
The investigation concerns whether BMTI’s board of directors failed to adequately shop the Company and obtain the best possible value for BMTI’s shareholders before entering into an agreement with Wright. According to Yahoo! Finance, at least one analyst has set a price target for BMTI stock at $7.50 per share.
If you own the common stock of BMTI and purchased your shares before November 19, 2012, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Peter Allocco at Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, New York 11530 toll free at (888) 969-4242, by e-mail to firstname.lastname@example.org, or at: http://www.rigrodskylong.com/investigations/biomimetic-therapeutics-inc-bmti.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City, New York, regularly prosecutes securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, on behalf of shareholders in states and federal courts throughout the United States.
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