A lawsuit was filed for investors in shares of Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) in connection with the proposed takeover and NASDAQ: KERX stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/23/2018 -- An investor, who currently holds shares of Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX), filed a lawsuit against the takeover of Keryx Biopharmaceuticals, Inc.
Investors who purchased shares of Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) and currently hold any of those NASDAQ: KERX shares have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ: KERX stockholders by agreeing to sell Keryx Biopharmaceuticals, Inc. cheaply via an unfair process.
On Jun. 28, 2018, Akebia Therapeutics, Inc. (NASDAQ:AKBA) and Keryx Biopharmaceuticals, Inc. (NASDAQ:KERX) announced that the companies signed a merger agreement under which the companies will combine in an all-stock merger. Under the terms of the agreement, Keryx shareholders will receive 0.37433 common shares of Akebia for each share of Keryx they own, or a value of approximately $3.44 per NASDAQ: KERX shares.
However, plaintiff claims that the proposed consideration NASDAQ: KERX shareholders will receive is grossly inadequate and undervalues Keryx Biopharmaceuticals, Inc., Indeed, at least one analyst has set the high target price for NASDAQ: KERX shares at $9.00 per share.
In addition, the plaintiff alleges that the process is also unfair NASDAQ: KERX stockholders. Indeed, given that the Baupost Group, L.L.C., which owns approximately 21.4 percent of the outstanding Keryx common stock prior to any conversion of its convertible notes, has already agreed to convert its outstanding convertible notes of Keryx into shares of Keryx common stock prior to closing and has already entered into a voting agreement in support of the transaction, and that Muneer A. Satter, Chairperson of the Akebia Board of Directors and a shareholder who owns approximately 5.3 percent of outstanding Akebia common stock, has also already agreed to support the transaction by entering into a voting agreement, the investigation concerns whether the Keryx Biopharmaceuticals Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Keryx Biopharmaceuticals, Inc. reported that its annual Total Revenue rose from $31.98 million in 2016 to $60.64 million in 2017
Shares of Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) closed on October 22, 2018, at $3.11 per share.
Those who are current investors in Keryx Biopharmaceuticals, Inc. (NASDAQ: KERX) shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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