DALLAS, Feb. 5, 2010 (GLOBE NEWSWIRE) -- Kendall Law Group fights for better deal for shareholders of Silicon Storage Technology, Inc. (Nasdaq:SSTI). The firm is concerned that proper consideration is not being paid to shareholders in the proposed acquisition by Microchip Technology Incorporated. If you are a shareholder of SSTI and would like additional information, contact Scott Kendall at 877-744-3728 or by email at skendall@kendalllawgroup.com.
On February 3, 2010, SSTI announced that they had entered into an agreement to be acquired by Microchip in a $284 million transaction. According to this agreement, shareholders will receive $2.85 in cash per SSTI share owned, only 6% over the $2.69 closing price before the deal was announced. This news follows the recent termination of a merger agreement with Technology Resources Holdings, Inc. that was entered into on November 13, 2009 and ended on February 2, 2010 with a $4,025,875 termination fee paid by SSTI. Due to the two recent transactions, neither of which providing fair compensation to the shareholders, the firm is concerned that the Board of Directors may have breached their fiduciary duties by not properly shopping the Company before entering into the agreement.
Kendall Law Group, founded by former federal judge Joe Kendall, has been counsel in dozens of merger and acquisition cases nationwide, including some of the largest transactions in the United States. If you are a shareholder of SSTI and would like to give or receive additional information, contact Scott Kendall at 877-744-3728 or by email at skendall@kendalllawgroup.com.
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