NEW YORK, April 24, 2013 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities and shareholder rights law firm, announces that it has been retained to represent shareholders of PROLOR Biotech. OPKO Health, Inc. (OPK) and PROLOR Biotech, Inc. (NYSE MKT: PBTH) announced that OPKO will acquire PROLOR, in an all-stock transaction. Phillip Frost, the Chairman and CEO of OPKO and owner of approx. 40% of OPKO's shares is also the Chairman of the Board of PROLOR and its largest shareholder of approx. 20% of its shares.
Under the terms of the agreement, holders of PROLOR common stock will receive 0.9951 shares of OPKO common stock for each share of PROLOR common stock. Based on a price of $7.03 per share of OPKO common stock, the transaction is valued at approximately $480 million, or $7.00 per share of PROLOR common stock.
The investigation concerns whether Frost and the board of directors of PBTH breached their fiduciary duties by not engaging in a full and fair auction in trying to sell the company to obtain the maximum value for shareholders, rather than sell the Company to Frost for his own personal benefit at an unfairly low price. As the Chairman and largest shareholder of PBTH, Frost has an inherent conflict of interest in selling the company to himself. Indeed, analysts have stated that the true going forward value of PBTH is worth at least $12 per share.
If you are a shareholder of PBTH and would like additional information concerning this matter at no cost or obligation, please contact us toll free at 1-877-772-3975 or email at firstname.lastname@example.org
Tripp Levy PLLC
Tripp Levy PLLC is a national law firm specializing in shareholder rights and has recovered millions of dollars for shareholders in similar actions around the globe.
SOURCE Tripp Levy PLLC