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Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) Investor Files Lawsuit Against Buyout By Mallinckrodt plc

  • If you purchased shares of Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) and currently hold any of those NASDAQ:CADX shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Cadence Pharmaceuticals
Security
NASDAQ: CADX

Case Name
Cadence Pharmaceuticals Deal Case 02/20/2014
Type of Lawsuit
Mergers and Acquisition
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Summary

February 21, 2014 (Shareholders Foundation) - An investor who currently holds shares of Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) filed a lawsuit in effort to halt the proposed takeover of Cadence Pharmaceuticals, Inc. by Mallinckrodt plc for $14.00 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:CADX stockholders arising out of the attempt to sell Cadence Pharmaceuticals, Inc. too cheaply via an unfair process to Mallinckrodt plc.

On February 11, 2014, Mallinckrodt plc (NYSE: MNK) and Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) announced that they have entered into an agreement under which a subsidiary of Mallinckrodt plc will commence a tender offer to acquire all outstanding shares of Cadence Pharmaceuticals, Inc. for $14.00 per share in cash or approximately$1.3 billion on a fully diluted basis, which represents a 32% premium to the trailing 30-trading-day volume weighted average price (VWAP) of $10.62per share for Cadence Pharmaceuticals, Inc.

However, the plaintiff alleges that the $14-offer is too low and undervalues Cadence Pharmaceuticals, Inc.
Indeed, at least one analyst has set the high target price for NASDAQ:CADX shares at $15.00 per share. Furthermore, Cadence Pharmaceuticals, Inc. reported that its annual Total Revenue rose from $16.70 million in 2011 to $50.18 million in 2012 and that its

Shares of Cadence Pharmaceuticals, Inc. (NASDAQ:CADX) closed on February 21, 2014 at $13.98 per share.