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."
Given these facts, WeissLaw is investigating the Board of Directors' decision to sell LLTC and whether LLTC shareholders will obtain their fair proportionate share of the Company's continued success and future growth prospects. If you own LLTC shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at [email protected].
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at [email protected] or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
SOURCE WeissLaw LLP