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."