NEW YORK, Dec. 7, 2015 /PRNewswire/ -- The proposed acquisition of Mattson Technology, Inc. ("MTSN" or the "Company") by Beijing E-Town Dragon Semiconductor Industry Investment Center ("E-Town Dragon") is being investigated by WeissLaw LLP for possible breaches of fiduciary duty and other violations of law by the Board of Directors of MTSN. On December 1, 2015, the Company announced it had reached a definitive agreement for E-Town Dragon to acquire all outstanding shares of MTSN in a transaction valued at approximately $300 million. Under the terms of the agreement, MTSN shareholders will receive $3.80 in cash for each MTSN share they own.
WeissLaw is investigating whether MTSN's Board acted to maximize shareholder value prior to entering into the agreement. Notably, at least one analyst set a target price of $8.50 per MTSN share, more than double the offer price. Additionally, the Company's shares traded at $5.10 as recently as March of this year. Prior to the announcement, MTSN published strong financial results for the nine-month period ended September 2015. It reported net income of $10.9 million, representing a 55% increase year-over-year when compared to the $4.9 million in net income reported in the same period of previous year.
Given these facts, WeissLaw is investigating whether MTSN's Board acted in the best interests of MTSN's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with E-Town Dragon. If you own MTSN 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 firstname.lastname@example.org.
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@example.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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SOURCE WeissLaw LLP