October 21, 2014 (Shareholders Foundation) - An investor, who currently holds shares of Durata Therapeutics Inc (NASDAQ:DRTX), filed a lawsuit in effort to halt the proposed takeover of Durata Therapeutics Inc by Actavis plc for $23 per share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:DRTX stockholders by agreeing to sell Durata Therapeutics Inc. too cheaply via an unfair process to Actavis plc.

On October 6, 2014, Actavis plc (NYSE: ACT) and Durata Therapeutics Inc (NASDAQ:DRTX) announced that they have entered into a merger agreement under which a subsidiary of Actavis will commence a tender offer to acquire all of the outstanding shares of Durata Therapeutics Inc (NASDAQ:DRTX) common stock for $23.00 per share in cash, or approximately $675 million in the aggregate, and contingent value rights (CVRs) entitling the holder to receive additional cash payments of up to $5.00 per share if certain regulatory or commercial milestones related to Durata's lead product DALVANCETM are achieved.

However, the plaintiff claims that the $23-offer is too low and undervalues Durata Therapeutics Inc. Indeed, at least one analyst has set the high target price for NASDAQ:DRTX shares at $25.00 per share and following the takeover news NASDAQ:DRTX shares rose in the open market to as high as $24.33 per share on October 6, 2014. Shares of Durata Therapeutics Inc (NASDAQ:DRTX) grew from $6.89 per share in June 2013 to as high as $17.90 per share in July 2013.