Robbins Umeda LLP Is Investigating Orthovita, Inc. Acquisition for Shareholders
Robbins Umeda LLP, a shareholder rights litigation firm, is interested in helping shareholders of Orthovita, Inc. (NADSAQ: VITA). The firm has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the board of directors of Orthovita in connection with their efforts to sell Orthovita to Stryker Corporation (NYSE: SYK).
On May 16, 2011, Stryker announced it has entered into a definitive agreement to acquire Orthovita. Under the terms of the agreement, Orthovita shareholders will receive $3.85 in cash for each outstanding share of Orthovita common stock. The acquisition of Orthovita will be completed through a cash tender offer that is expected to commence within 10 business days and close in the second quarter 2011. The tender offer will be followed by a second step merger.
The investigation focuses on whether Orthovita’s board is undertaking a fair process to obtain maximum value for its shareholders. Of particular interest, three analysts have a price target of $4.00 for Orthovita, higher than the offer price.
If you own stock in Orthovita and would like more information about your shareholder rights, please complete the form below and we will contact you directly. We also welcome you to call us at 800-350-6003.