WeissLaw LLP Announces the Investigation of the Sirona Dental Systems, Inc. Acquisition
NEW YORK, Sept. 18, 2015 /PRNewswire/ -- WeissLaw LLP, a national class action, shareholder rights law firm is investigating the fairness of the proposed acquisition of Sirona Dental Systems, Inc. ("SIRO" or the "Company") by Dentsply International Inc. The investigation is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of SIRO stemming from the September 15, 2015 announcement that the SIRO Board of Directors unanimously approved a definitive agreement for Dentsply to acquire the Company. Under the terms of the agreement, SIRO shareholders will receive 1.8142 shares of Dentsply for each SIRO share they own; representing a total value of $96.28 per SIRO share based on Dentsply's September 16, 2015 closing price.
WeissLaw is investigating whether SIRO's Board acted to maximize shareholder value prior to entering into the agreement. Notably, several analysts set a target price of $120.00 per share, representing a premium of 24% above the offer price. Additionally, SIRO shares traded at $105.23 as recently as August 3, 2015. Further, SIRO recently announced record financial results in the third quarter of 2015. It reported revenues of $306.1 million, representing a 15.2% increase on a local currency basis year-over-year. Upon completion of the transaction, SIRO shareholders will own a mere 42% of the newly combined company.
Given these facts, WeissLaw is investigating the Board's decision to sell SIRO and whether SIRO's shareholders will obtain their fair and proportionate share of the Company's continued success and future growth prospects. If you own SIRO shares and would like more information about your rights or our investigation, or if you have information to share with us, please contact Joshua Rubin 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/.
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SOURCE WeissLaw LLP
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