October 13, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Ambit Biosciences Corp (NASDAQ:AMBI), filed a lawsuit in effort to halt the proposed takeover of Ambit Biosciences Corp. by Daiichi Sankyo Company for $15 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:AMBI stockholders by agreeing to sell Ambit Biosciences Corp too cheaply via an unfair process to Daiichi Sankyo Company, Ltd.

On September 29, 2014, Daiichi Sankyo Company, Ltd. (hereinafter Daiichi Sankyo) (TSE: 4568) and Ambit Biosciences Corp (NASDAQ:AMBI) announced that they have entered into a merger agreement under which Daiichi Sankyo will acquire all of the outstanding common stock of Ambit Biosciences Corp (NASDAQ:AMBI) for $15 per share in cash through a tender offer followed by a merger with a subsidiary of Daiichi Sankyo, or approximately $315 million on a fully diluted basis. In addition to the upfront cash payment, each Ambit Biosciences Corp (NASDAQ:AMBI) stockholder will receive one Contingent Value Right (CVR), entitling the holder to receive an additional cash payment of up to $4.50 for each share they own if certain commercialization related milestones are achieved.

However, the plaintiff claims that the $15-offer is too low and undervalues Ambit Biosciences Corp. Indeed, at least one analyst has set the high target price for NASDAQ:AMBI shares at $17.00 per share. Furthermore, Ambit Biosciences Corp reported that its annual Total Revenue rose from $17.63 million in 2012 to $27.09 million in 2013 and that its Net Loss declined from $26.89 million in 2012 to $11.20 million in 2013. Shares of Ambit Biosciences Corp (NASDAQ:AMBI) traded as high as $18.29 per share in October 2013. In addition, the plaintiff alleges that the process is also unfair to NASDAQ:AMBI.

On October 13, 2014, NASDAQ:AMBI shares closed at $15.42 per share