Law Offices of Howard G. Smith Announces Investigation on Behalf of Shareholders of Somanetics Corporation
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of Somanetics Corporation (“Somanetics” or the “Company”) (NASDAQ:SMTS) related to the Company’s agreement to be acquired by Covidien plc (“Covidien”). The proposed transaction is valued at approximately $250 million.
Under the terms of the definitive merger agreement entered into by the parties, a wholly owned subsidiary of Covidien will commence a tender offer to acquire all of the outstanding shares of Somanetics for $25.00 per share in cash, followed by a second-step merger. The proposed transaction is expected to be completed by July 31, 2010. In connection with the tender offer, all of the directors and executive officers of Somanetics have agreed to tender their shares into the offer. The investigation concerns possible breaches of fiduciary duty and other violations of law related to approval of the transaction by Somanetics’ board of directors.
If you own shares of Somanetics, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.