The Ademi Firm is investigating Astria (NASDAQ: ATXS) for possible breaches of fiduciary duty and other violations of law in its transaction with BioCryst.
Shareholders of Astria will receive $13.00 per share in a combination of cash and stock ($8.55 in cash and 0.59 shares of BioCryst common stock per share), representing an enterprise value of approximately $700 million and aggregate equity value of $920 million. Astria insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for Astria by imposing a significant penalty if Astria accepts a competing bid. We are investigating the conduct of the Astria board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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