NEW YORK, July 28, 2016 /PRNewswire/ -- WeissLaw LLP is
investigating possible breaches of fiduciary duty and other
violations of law by the Board of Directors of Linear Technology
Corporation ("LLTC" or the "Company") in connection with the
proposed acquisition of the Company by Analog Devices Inc. ("ADI").
On July 26, 2016, the Company
announced it had reached a definitive agreement for ADI to acquire
all outstanding shares of LLTC in a cash-and-stock transaction
valued at approximately $14.8
billion. Under the terms of the agreement, LLTC
shareholders will receive $46.00 in
cash and 0.2321 of a share of ADI common stock for each LLTC share
they own; representing a total consideration of approximately
$60.00 per share.
WeissLaw is investigating whether LLTC's Board acted to maximize
shareholder value prior to entering into the
agreement. Notably, at least one analyst set a target price of
$65.00, or $5.00 above the offer price. Additionally,
the Company recently announced a $12.6
million growth in its quarterly revenue, from $361.1 million in the third quarter to
$373.8 million in the fourth quarter
of fiscal year 2016. Further, in a conference call following
the acquisition announcement, ADI's Senior Vice President and CFO,
David A. Zinsner, stated that
"[b]ased on trailing 12 month data, [the newly combined company's]
free cash flow increases 70% from $1
billion to $1.7 billion."
Given these facts, WeissLaw is investigating the Board of
Directors' decision to sell LLTC and whether LLTC shareholders will
obtain their fair proportionate share of the Company's continued
success and future growth prospects. If you own LLTC shares
and would like more information about your rights or our
investigation, please contact Joshua
Rubin either by telephone at (888) 593-4771 or by
email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal
advice concerning possible corporate wrongdoing (including insider
trading, waste of corporate assets, accounting fraud, or materially
misleading information), consumer fraud (including false
advertising, defective products, or other deceptive business
practices), or anti-trust violations, please email us at
stockinfo@weisslawllp.com or fill out the form on our
website,
http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP