SUPERTEX SHAREHOLDERS NOTICE: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Proposed Sale of Supertex Incorporated to Microchip Technology Incorporated
SAN DIEGO--(BUSINESS WIRE)--Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating whether members of the board of directors of Supertex Incorporated (NASDAQ:SUPX) breached their fiduciary duties in connection with the planned sale of the Company to Microchip Technology. Supertex designs, develops, manufactures, and markets high voltage analog and mixed signal integrated circuits.
“Supertex’s offer appears to be inadequate and not in the best interest of the shareholders.”
On February 10, 2014, it was announced that Microchip had signed a definitive agreement to acquire Supertex for $33 per share in cash, or about $394 million.
The investigation will determine whether Supertex’s directors breached their fiduciary duties to stockholders in connection with the proposed acquisition. Jim Baker, lead analyst for Johnson & Weaver, stated that, “Supertex’s offer appears to be inadequate and not in the best interest of the shareholders.” Baker continued, “Supertex has no long term debt, has over $145 million in cash and sales growth has been accelerating. Moreover, Microchip expects the deal to be immediately accretive to earnings in the very first full quarter after the deal closes.”
If you are a Supertex shareholder and would like additional information concerning your legal rights, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-230-0063.
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California and New York. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.