DALLAS--(BUSINESS WIRE)-- The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the securities litigation law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of Inspire Pharmaceuticals, Inc. (“Inspire Pharmaceuticals” or “ISPH”) (NASDAQ: ISPH) related to the proposed buyout of Inspire Pharmaceuticals by Merck. The definitive merger agreement, which was announced on April 5, 2011, involves an all-cash transaction valued at approximately $430 million. Under the proposed buyout, Inspire Pharmaceuticals shareholders will receive $5.00 in cash for each share of Inspire Pharmaceuticals/ISPH common stock they hold in a tender offer. Upon the closing of the tender offer, Merck will acquire all of the remaining outstanding shares of Inspire Pharmaceuticals in a second step merger.
The firms are investigating the fairness of the proposed transaction to Inspire Pharmaceuticals shareholders and whether Inspire Pharmaceuticals’ Board of Directors acted in the shareholders’ best interests. Although the acquisition price represents an approximate 26% premium over Inspire Pharmaceuticals’ closing price the day before the buyout announcement, Inspire Pharmaceuticals shares closed well over $8 per share as recently as late December 2010. In addition, at least on analyst has set a target price of $10.00 per share for Inspire Pharmaceuticals stock. Based on these and other factors, the firms do not believe that the acquisition price is fair to Inspire Pharmaceuticals shareholders.
If you currently own shares of Inspire Pharmaceuticals/ISPH and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [email protected], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [email protected]. There is no cost or fee to you.
The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters nationwide, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
KEYWORDS: United States North America Texas
INDUSTRY KEYWORDS: Health Pharmaceutical Professional Services Legal