NEW YORK, Dec. 2, 2011 /PRNewswire/ -- Tripp Levy PLLC, a leading national securities law firm announces that it is investigating potential claims against the board of directors of Magma Design Automation, Inc. ("Magma" or the "Company") (Nasdaq: LAVA) concerning possible breaches of fiduciary duty and other violations of law related to the Company's entry into an agreement to be acquired by Synopsys, Inc. ("Synopsys") in a transaction with an approximate value of $507 million, net of cash and debt acquired.
Under the proposed agreement, Synopsys will acquire all of the outstanding shares of Magma for $7.35 per share in cash.
The investigation concerns whether Magma's board of directors adequately shopped the Company to obtain the best price possible for Magma's shareholders before entering into the agreement with Synopsys. Indeed, according to Yahoo! Finance, at least one analyst has set a price target of $11.00 per share for Magma stock. Moreover, on December 1, 2011, Magma reported revenue of $38.3 million for its fiscal 2012 second quarter ended Oct. 30, 2011, up 13 percent from the $33.9 million reported in the year-ago second quarter.
If you own Magma common stock and would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact
Tripp Levy PLLC
Toll Free: 877-772-3975
Email: [email protected]
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SOURCE Tripp Levy PLLC