SOURCE: Shareholders Foundation, Inc.

Shareholders Foundation, Inc.

April 25, 2012 09:40 ET

Ardea Biosciences, Inc. (RDEA) Investor Lawsuit Against Merger Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Apr 25, 2012) - The Shareholders Foundation, Inc. announces that an investor filed a lawsuit in State Court for current stockholders of Ardea Biosciences, Inc. (RDEA) against directors of Ardea Biosciences, Inc. in effort to stop the proposed merger with AstraZeneca for $32 per share.

If you purchased shares of Ardea Biosciences, Inc. (RDEA) prior to April 23, 2012 and currently hold any of those RDEA shares, you have certain options and you should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

On Monday, April 23, 2012, AstraZeneca and Ardea Biosciences, Inc. announced that they have entered into a merger agreement, pursuant to which AstraZeneca will acquire Ardea Biosciences, Inc. Under the terms of the proposed transaction, AstraZeneca will acquire Ardea Biosciences, Inc. for $32 per share which represents a total cash value of approximately $1.26 billion.

The plaintiff alleges that the $32 offer is unfair and undervalues the company. In fact, at least one analyst has set the high target price for RDEA shares at $40 per share.

Additionally, the plaintiff claims the unfair price is the result of an unfair process. Indeed, certain Ardea Biosciences shareholders representing approximately 30% of the current total shares outstanding have already entered into a voting agreement with AstraZeneca to vote in favor of the transaction.

Furthermore, the plaintiff says the board of directors created a playing field that is tilted in favor of AstraZeneca by agreeing to at least three provisions, including a no shop, a matching rights and a termination fee provision.

Those who currently are investors in Ardea Biosciences, Inc. (RDEA) shares and purchased their shares before the announcement have certain options and should contact the Shareholders Foundation.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108