Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Osteotech, Inc.
18 Agosto 2010 - 2:30AM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims against the board of directors of
Osteotech, Inc. (“Osteotech” or the “Company”) (NASDAQ:OSTE)
related to the Company’s agreement to be acquired by Medtronic Inc.
(“Medtronic”). The proposed all-cash transaction is valued at
approximately $123 million.
Under the terms of the definitive agreement entered into by the
parties, Medtronic will acquire Osteotech for $6.50 per share in
cash for each share of Osteotech common stock. The board of
directors of Osteotech has unanimously approved the proposed
transaction. On August 11, 2010 – two days after the Company
announced its second quarter 2010 financial results – Spencer
Capital, Boston Avenue Capital LLC and Heartland Advisors, Inc.,
which collectively own approximately 24% of Osteotech's outstanding
common stock, issued a press release critical of the Company’s
second-quarter financial performance and stating further they are
“extremely skeptical of the Board's efforts to explore strategic
alternatives to maximize shareholder value.” The investigation
concerns possible breaches of fiduciary duty and other violations
of law related to approval of the proposed transaction by
Osteotech’s board of directors.
If you own shares of Osteotech, if you have information or would
like to learn more about these claims, or if you wish to discuss
these matters or have any questions concerning this announcement or
your rights or interests with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020
by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by
email to howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
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