NEW YORK, Aug. 30, 2013 (GLOBE NEWSWIRE) -- WeissLaw LLP, a leading shareholder rights law firm, announces that it has filed a class action complaint in the Delaware Court of Chancery challenging the proposed acquisition of Onyx Pharmaceuticals, Inc. (Nasdaq:ONXX) by Amgen Inc.
The Complaint Challenges the Inadequate Price to Be Paid to Onyx Shareholders
The complaint focuses on the failure of Onyx's Board of Directors to maximize value for its shareholders. Specifically, the complaint alleges:
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despite the Company publicly rejecting Amgen's unsolicited proposal to acquire Onyx for $120 per share, on June 30, 2013, proclaiming that "Onyx has tremendous momentum" and that the "price proposed by Amgen significantly undervalued Onyx and its prospects, and was not in the best interest of Onyx and its shareholders", now, less than two months later, the Board has agreed to sell the Company for a mere $5 per share over the admittedly "significantly" inadequate price of $120;
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the $125 offer price represents a discount to Onyx's closing price of $125.90, as recently as August 14, 2013, and a significant discount to Onyx's closing price of $136.03 on July 5, 2013; and
- the $125 offer price is significantly below target prices for the Company's stock set by analysts after Amgen's unsolicited $120 offer was announced, with a high target set at $160, with one analyst noting that the acquisition is "a steal for Amgen."
Given these facts, and Onyx shareholder represented by WeissLaw LLP filed the complaint challenging Onyx's Board's decision to sell the Company to Amgen now rather than allow shareholders to continue to participate in the Company's continued success and future growth prospects.
Onyx shareholders have the option to join the class action lawsuit to secure the best possible price for Onyx shareholders and the disclosure of material information so Onyx shareholders can make a fully informed decision with respect to the acquisition.
If you own Onyx shares and would like more information about your rights or our lawsuit, please contact Michael Rogovin or Joshua Rubin either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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