Ardea Biosciences, Inc. (NASDAQ:RDEA) Investor Investigation Over Potential Breaches Of Fiduciary Duties In Connection With The Proposed Merger with AstraZeneca

If you who purchased shares of Ardea Biosciences, Inc. (NASDAQ:RDEA) prior to April 23, 2012 and currently hold any of those NASDAQ:RDEA shares, you have certain options and you should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this investigation, please use this form. You may also send an email to, or call us at (858) 779-1554.
Company Name(s): 
Ardea Biosciences
Affected Securities: 

April 23, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in NASDAQ:RDEA shares concerning whether the offer by AstraZeneca to merger with Ardea Biosciences, $32.00 per share and the takeover process are unfair to investors in Ardea Biosciences, Inc. (NASDAQ:RDEA) was announced.

The investigations by law firms concern whether certain officers and directors of Ardea Biosciences, Inc. breached their fiduciary duties owed to Ardea Biosciences investors in connection with the proposed acquisition.

On Monday, April 23, 2012, AstraZeneca and Ardea Biosciences, Inc. (NASDAQ: RDEA) announced that they have entered into a merger agreement, pursuant to which AstraZeneca will acquire Ardea Biosciences, Inc. Under the terms of the proposed transaction, AstraZeneca will acquire Ardea Biosciences, Inc. for $32 per share which represents a total cash value of approximately $1.26 billion.

Following the takeover news shares of Ardea Biosciences, Inc. (NASDAQ:RDEA) jumped from $20.84 per share on Friday to $31.62 per share on Monday, April 23, 2012.

However, at least one analyst has set the high target price for NASDAQ:RDEA shares at $40 per share.

Therefore the investigation for NASDAQ:RDEA investors concerns whether the proposed transaction is unfair to Ardea Biosciences stockholders.

Specifically, the investigation focuses on whether the Ardea Biosciences 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, given that certain Ardea Biosciences shareholders representing approximately 30% of the current total shares outstanding have already entered into a voting agreement with AstraZeneca to vote in favor of the transaction.