BOSTON, Jan. 23, 2013 /PRNewswire/ -- Block & Leviton LLP (www.blockesq.com), a Boston-based law firm representing investors nationwide, has commenced an investigation into possible breaches of fiduciary duty by the Board of Directors of MAP Pharmaceuticals, Inc. ("MAP" or the "Company") (NASDAQ: MAPP) concerning the proposed acquisition of the Company by Allergan, Inc. ("Allergan") in an all cash tender offer expected to close late in the first quarter or in the second quarter of 2013.
Under the terms of the proposed merger, Allergan will acquire MAP in a deal for approximately $25.00 per MAP share, setting a value for MAP at approximately $958 million. The Company's stock price has been on a steady upward climb over the past two months, gaining approximately 20 percent since receiving positive drug development news in mid-November 2012. The proposed tender offer share price fails to take into account the fact that MAP's common stock is set to soar upon the anticipated approval of its new migraine treatment LEVADEX. Indeed, no potential acquirer would have had the highly detailed knowledge of MAP as Allergan, MAP's partner in the development of Levadex. As such, it appears that the proposed transaction premium offers insufficient recognition of MAP's growth potential. Analyst Carl Cachia, writing for the website Seeking Alpha, placed a price target of $30 for MAP stock by the end of 2013.
Block & Leviton's investigation seeks to determine, among other things, whether MAP's Directors breached their fiduciary duties by failing to maximize shareholder value in the proposed acquisition by Allergan and the overall fairness of the process by which the MAP Directors considered and approved the transaction.
If you are a MAP shareholder and have questions about your legal rights, or if you have information relevant to this investigation, please contact attorney Steven P. Harte, at
(617) 398-5600 or email him at Steven@blockesq.com.
Block & Leviton is a Boston-based law firm representing investors nationwide for violations of securities laws. The firm's lawyers have collectively been prosecuting securities cases on behalf of investors for over 50 years. This notice may constitute attorney advertising.
BLOCK & LEVITON LLP
Steven P. Harte, Esq.
SOURCE Block & Leviton LLP