MONSEY, N.Y., Oct. 20, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Mirati Therapeutics, Inc. (Nasdaq: MRTX) (“Mirati”) to Bristol Myers Squibb (“Bristol Myers”) for $58.00 per share in cash, plus a contingent value right (CVR) potentially worth an additional $12.00 per share in cash.
If you remain a Mirati shareholder and have concerns about the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/mirati-therapeutics-inc/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On October 8, 2023, Mirati announced that it had agreed to be sold to Bristol Myers for $58.00 per share in cash, plus a CVR potentially worth an additional $12.00 per share in cash.
“We are investigating whether the Mirati Board of Directors acted in the best interests of Mirati shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Mirati shareholders, and whether all material information regarding the transaction has been fully disclosed.”
Notably, the deal price is well below Mirati’s 52-week high of $101.30 per share, which indicates an opportunistic purchase.
Further, according to an analysis of Wall Street price targets for Mirati in the last 90 days published on Seeking Alpha, there is an average price target of $64.00 per share, and a high price target of $83.00 per share, which indicates that several Wall Street analysts think the deal price is too low.
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
