Ademi LLP is investigating XOMA (NASDAQ: XOMA) for possible breaches of fiduciary duty and other violations of law in its recently announced transaction with Ligand.
XOMA stockholders will receive $39.00 per share in cash, representing a total equity value of approximately $739 million. The transaction includes an additional contingent value right for XOMA stockholders related to ongoing litigation proceeds.
XOMA insiders will receive substantial benefits as part of change of control arrangements.
The transaction agreement unreasonably limits competing transactions for XOMA by imposing a significant penalty if XOMA accepts a competing bid. We are investigating the conduct of the XOMA board of directors, and whether they are fulfilling their fiduciary duties to all shareholders.
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