Thoratec Corporation (NASDAQ:THOR) Investor Lawsuit Over Alleged Wrongdoing In Proposed Takeover By St. Jude Medical

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Company Name(s): 
Thoratec
Case Name: 
Thoratec Deal Case 08/10/2015
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: THOR
Lawsuit Overview
Type of Lawsuit: 
Mergers and Acquisition
Date Filed: 
08/10/2015
Summary: 

August 11, 2015 (Shareholders Foundation) - An investor who currently holds shares of Thoratec Corporation (NASDAQ:THOR), filed a lawsuit in effort to halt the proposed takeover of Thoratec Corporation by St. Jude Medical for $63.50 per share.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:THOR stockholders by agreeing to sell Thoratec Corporation too cheaply via an unfair process to St. Jude Medical.

On July 22, 2015, St. Jude Medical (NYSE:STJ) and Thoratec Corporation (NASDAQ:THOR) announced that the Boards of Directors of both companies have unanimously approved an agreement under which St. Jude Medical will acquire all of the outstanding shares of Thoratec for $63.50 per share in a cash transaction valued at approximately $3.4 billion, net of cash acquired.

However, the plaintiff claims that the proposed consideration NASDAQ:THOR shareholders will receive is grossly inadequate and undervalues Thoratec Corporation. The plaintiff alleges that the $63.50-offer does not take into account Thorate’s recent growth through strategic acquisitions and novel product developments. In addition, the plaintiff claims that the process is also unfair to NASDAQ:THOR stockholders.