Wolf Haldenstein Announces an Investigation of the Proposed Sale of Supertex Incorporated to Microchip Technology
NEW YORK--(BUSINESS WIRE)--The law firm of Wolf Haldenstein Adler Freeman & Herz LLP announces that it is investigating whether the board of directors of Supertex Incorporated (NASDAQ:SUPX) breached their fiduciary duties in agreeing to sell the company to Microchip Technology for only $33 per share in cash.
“the acquisition is expected to be accretive to Microchip’s non GAAP earnings per share in the first full quarter after completion of the acquisition.”
Supertex Incorporated, as of the most recent 10-Q filing for the period ending December 28, 2013, reported $159 million in cash and short-term investments, representing $13.95 per share in cash. Thus, the effective net cost to Microchip is only $19 per share. The deal is certainly favorable to Microchip shareholders, perhaps at the expense of Supertex shareholders. According to the press release announcing the transaction, “the acquisition is expected to be accretive to Microchip’s non GAAP earnings per share in the first full quarter after completion of the acquisition.”
Please contact Wolf Haldenstein immediately if you are a Supertex shareholder and would like additional information regarding your rights.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in Federal and State courts. Please contact either Ben Kaufman or Greg Stone to discuss this case.
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