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Inhibitex, Inc. Investor Files Lawsuit In Effort To Stop Proposed Takeover By Bristol-Myers Squibb

  • If you purchased shares of Inhibitex, Inc. (NASDAQ: INHX) prior to January 7, 2012 and currently hold your NASDAQ:INHX 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
Inhibitex, Inc.
Security
NASDAQ: INHX

Case Name
Inhibitex Deal Case 01/19/2012
Type of Lawsuit
Mergers and Acquisition
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Summary

San Diego, Jan. 23, 2012 (Shareholders Foundation) -- An investor in NASDAQ:INHX shares filed a lawsuit in State Court against certain directors of Inhibitex, Inc in effort to block the proposed takeover of Inhibitex by Bristol-Myers Squibb for $26.00 per NASDAQ:INHX share.
According to the complaint the plaintiff alleges that the defendants breached their fiduciary duties owed Inhibitex (NASDAQ:INHX.) investors arising out of the attempt to sell Inhibitex to Bristol-Myers Squibb Company at an unfair price via an unfair process.

On January 7, 2012, Bristol-Myers Squibb Company (NYSE:BMY) and Inhibitex, Inc. (Nasdaq:INHX) announced that the companies have signed an agreement under which Bristol-Myers Squibb will acquire Inhibitex for $26.00 per share in cash pursuant to a cash tender offer and second step merger.

However, the plaintiff alleges that the proposed transaction is the product of a flawed process and offered price is unfair to INHX stockholders because it does not represent Inhibitex’s intrinsic value. Additionally the plaintiff claims that the defendants by agreeing to a no solicitation, a matching right, and a $75.87milion termination fee provision have ensured that no other bidder will emerge with a competing proposal. Furthermore, so the lawsuit, certain shareholders of Inhibitex, including certain of its directors and its CEO with beneficial ownership of approximately 17% of Inhibitex’ outstanding shares, have already entered into an agreement with Bristol-Myers Squibb to support the transaction and to tender their shares in the tender offer.