Sagent Pharmaceuticals Inc (NASDAQ:SGNT) Investor Investigation Over Potetnail Wrongdoing In Acquisition Announced

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Company Name(s): 
Sagent Pharmaceuticals
Affected Securities: 

July 15 2016 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Sagent Pharmaceuticals Inc (NASDAQ:SGNT), was announced concerning whether the takeover of Sagent Pharmaceuticals Inc by Nichi-Iko Pharmaceutical Co., Ltd is unfair to NASDAQ:SGNT stockholders.

The investigation by a law firm concerns whether certain officers and directors of Sagent Pharmaceuticals breached their fiduciary duties owed to NASDAQ:SGNT investors in connection with the proposed acquisition.

On July 11, 2016, Nichi-Iko Pharmaceutical Co., Ltd and Sagent Pharmaceuticals Inc (NASDAQ:SGNT) announced that they have entered into a a merger agreement under which Nichi-Iko will acquire Sagent Pharmaceuticals Inc via an all-cash tender offer followed by a second-step merger, for a total consideration of approximately $736 million. The merger agreement contemplates an all cash tender offer for $21.75 per share, followed by a second-step merger in which all outstanding shares of Sagent Pharmaceuticals Inc common stock not tendered in the Tender Offer will be converted into the right to receive the same amount, in cash equal to the Tender Offer price.

However, given that at least one analyst has set the high target price for NASDAQ:SGNT shares at $25.00 per share and given that Sagent Pharmaceuticals shares reached in 2014 as high as $32.50 per share, the investigation concerns whether the offer is unfair to NASDAQ:SGNT stockholders. More specifically, the investigation concerns whether the Sagent Pharmaceuticals 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.