The Shareholders Foundation announced that an investor in NASDAQ:RPTP shares filed a lawsuit in effort to halt the proposed takeover of Raptor Pharmaceutical Corp. by Horizon Pharma plc for $9.00 per share.
Investors who purchased shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) and currently hold any of those NASDAQ:RPTP shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:RPTP stockholders by agreeing to sell Raptor Pharmaceutical Corp. too cheaply via an unfair process to Horizon Pharma plc.
On September 12, 2016, Horizon Pharma plc (NASDAQ:HZNP) and Raptor Pharmaceutical Corp. (NASDAQ:RPTP) announced the companies have entered into an agreement under which Horizon Pharma will acquire all of the issued and outstanding shares of Raptor Pharmaceutical Corp. (NASDAQ:RPTP) common stock for $9.00 per share in cash, for an implied fully diluted equity value of approximately $800 million.
However, plaintiff claims that the proposed consideration NASDAQ:RPTP shareholders will receive is grossly inadequate and undervalues Raptor Pharmaceutical Corp. Indeed, at least one analyst has set the high target price for NASDAQ:RPTP shares at $11.00 per share and NASDAQ:RPTP shares reached as high as $16.00 per share in June 2015. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:RPTP stockholder. The plaintiff claims that the takeover agreement contains preclusive deal protection devices, such as a strict no solicitation, last look, and a $30 million termination fee provision, that deter other bidders from making a superior offer for Raptor Pharmaceutical Corp.
On October 18, 2016, NASDAQ:RPTP shares closed at $9.00 per share.
Those who are current investors in NASDAQ:RPTP shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego