SALIX ALERT: Proposed Sale of Salix Pharmaceuticals, Ltd. Being Investigated by Johnson & Weaver, LLP
SAN DIEGO--(BUSINESS WIRE)--Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Salix Pharmaceuticals, Ltd. (NASDAQ: SLXP) breached their fiduciary duties in connection with the proposed merger of the company with Cosmo Pharmaceuticals.
Salix acquires, develops and commercializes prescription drugs and medical devices to treat various gastrointestinal diseases.
On July 8, 2014, Salix and Cosmo entered into a merger agreement. Under the terms of the agreement, Salix Pharmaceuticals, Ltd. will become a wholly-owned subsidiary of Irish domiciled Cosmo Tech, which will change its name to Salix Pharmaceuticals, plc. Shareholders of Salix will receive one ordinary share of Salix Pharmaceuticals, plc in exchange for each share of Salix Pharmaceuticals, Ltd. common stock they own at closing. Salix shareholders will own 80 percent of the newly combined company. The transaction will be taxable to Salix’s shareholders.
Johnson & Weaver is investigating whether Salix’s directors thoroughly considered alternatives to the proposed merger, such as continuing on as an independent company or pursuing a deal with another company.
If you are a shareholder of Salix Pharmaceuticals, Ltd. and you’re interested in learning more about the investigation or your legal rights and remedies, please contact lead analyst Jim Baker (firstname.lastname@example.org) at 619-814-4471.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. 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.