Robbins Arroyo LLP: Acquisition of Symmetry Surgical Inc. (SSRG) by RoundTable Healthcare Partners May Not Be in Shareholders...
03 Maggio 2016 - 9:37PM
Business Wire
Shareholder rights attorneys at Robbins Arroyo LLP are
investigating the proposed acquisition of Symmetry Surgical Inc.
(NASDAQ: SSRG) by RoundTable Healthcare Partners (Private). On May
2, 2016, the two companies announced the signing of a definitive
merger agreement pursuant to which RoundTable Healthcare will
acquire Symmetry Surgical. Under the terms of the agreement,
Symmetry Surgical shareholders will receive $13.10 in cash for each
share of Symmetry Surgical common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/symmetry-surgical-inc
Is the Proposed Acquisition Best for Symmetry Surgical and
Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Symmetry Surgical is undertaking a fair process to
obtain maximum value and adequately compensate its
shareholders.
As an initial matter, the $13.10 merger consideration represents
a premium of only 26.1% based on Symmetry Surgical's closing price
on April 29, 2016. This premium is significantly below the average
one-day premium of nearly 60% for comparable transactions within
the past year.
On February 18, 2016, Symmetry Surgical reported strong earnings
results for its fourth quarter 2015. Revenue for the quarter was
$22.1 million, an increase of 9.1% compared to the same period last
year. Gross profit for the quarter was $9.8 million, an increase of
18% compared to the same period last year. In commenting on these
results, Symmetry Surgical President and Chief Executive Officer
Thomas J. Sullivan remarked, "We are pleased to have completed our
first full year as a public company with positive fourth quarter
results, including our fourth consecutive quarter of revenue growth
and delivering our full year revenue and EBITDA guidance. We
continued to deliver a high free cash flow conversion rate,
generating $2.1 million in EBITDA and $2.9 million in free cash
flow during the quarter. Further, our most recent asset
acquisition, branded the Symmetry Access™ Low Profile Retractor
product line, is another building block in our growth plan that
expands our presence in the single use segment of the market, which
drives higher margin recurring revenue. We will continue to acquire
innovative products, supported by intellectual property protection,
that bring clinical and economic value to our customers."
In light of these facts, Robbins Arroyo LLP is examining
Symmetry Surgical's board of directors' decision to sell the
company now rather than allow shareholders to continue to
participate in the company's continued success and future growth
prospects.
Symmetry Surgical shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Symmetry Surgical shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at 800-350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law firm
represents individual and institutional investors in shareholder
derivative and securities class action lawsuits, and has helped its
clients realize more than $1 billion of value for themselves and
the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: http://www.businesswire.com/news/home/20160503006982/en/
Robbins Arroyo LLPDarnell R. Donahue619-525-3990 or Toll-Free
800-350-6003ddonahue@robbinsarroyo.comwww.robbinsarroyo.com
Grafico Azioni Symmetry Surgical Inc. (NASDAQ:SSRG)
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Grafico Azioni Symmetry Surgical Inc. (NASDAQ:SSRG)
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