BALA CYNWYD, Pa., Sept. 21, 2009 (GLOBE NEWSWIRE) -- Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Facet Biotech Corp. ("Facet" or the "Company") (Nasdaq:FACT) related to their recommendation to shareholders regarding the offer to acquire the Company by Biogen Idec, Inc. ("Biogen") (Nasdaq:BIIB).
Facet's Board of Directors rejected a Biogen proposal to acquire the Company for $15 per share. This proposal would have resulted in a substantial premium for the Facet shareholders. However, the Facet Board rejected the offer in favor of the adaption of a poison pill. Thereafter, Biogen announced that it was initiating a tender offer to acquire Facet stock at $14.50. In response the Board has recommended shareholders take no action at this time. The investigation concerns the Facet board's exploration of the merits of the Biogen offer.
If you are a Facet shareholder and wish to discuss the legal ramifications of the Board's actions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.