Martek Lawsuit
Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the Maryland Circuit Court, Howard County, on behalf of all shareholders of Martek Biosciences Corp.
1/24/2011 - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the Maryland Circuit Court, Howard County, on behalf of all shareholders of Martek Biosciences Corp.
The claims asserted in the complaint arise from the proposed buyout of Martek by Koninklijke DSM N.V. ("Royal DSM"). On December 20, 2010, Martek entered into an agreement and plan of merger with Royal DSM and Greenback Acquisition Corporation, an indirect wholly-owned subsidiary of Royal DSM. Pursuant and subject to the terms of the merger agreement, Royal DSM has commenced a tender offer to acquire all of the outstanding shares of Martek's common stock for a purchase price of $31.50 per share in cash. The tender offer is scheduled to expire on February 18, 2011, unless the offer is extended.
The complaint alleges that Martek's directors breached their fiduciary duties in connection with the transaction by, among other things, carrying out a defective sale process that resulted in an unfair price to stockholders and agreeing to certain onerous and preclusive deal protection provisions.