Kendall Law Group Investigates Symyx Technologies, Inc. for Shareholders
06 Aprile 2010 - 5:58PM
Business Wire
Kendall Law Group is investigating Symyx Technologies, Inc.
(NASDAQ:SMMX) for shareholders in connection to the proposed sale
of the Company to Accelrys, Inc. Symyx shareholders, and anyone
with knowledge of the transaction, are encouraged to contact the
Kendall Law Group by email at hlindley@kendalllawgroup.com. The
national securities litigation firm is investigating whether a fair
process was used in shopping the company prior to entering into the
agreement, and whether the board of directors breached their
fiduciary duties by not seeking a deal that would provide better
value of the company.
On April 5, 2010, the companies announced that they have entered
into an all-stock merger of equals. Upon completion of the merger,
Accelrys and Symyx shareholders will each own approximately 50% of
the combined company. Max Carnecchia, the CEO of Accelrys will
serve as CEO of the combined company. The CEO of Symyx will serve a
transitional role in the combined company.
According to the agreement, Symyx shareholders will receive
0.7802 ACCL share per SMMX share owned. Based on the closing price
of both companies on April 1, 2010, this values Symyx shares at
$5.07, which represents a 13% premium. SMMX stock closed at $5.60
as recently as January 8, 2010 and closed over $6.00 for the
majority of July through October, 2009.
Kendall Law Group was founded by a former federal judge, and
includes a former United States Attorney, prosecutors and
securities lawyers who are experienced in complex securities
litigation. The firm has been counsel in many merger and
acquisition cases nationwide, including some of the largest
transactions in the United States.
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