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Kite Pharma Inc (NASDAQ:KITE) Investor Lawsuit Against Acquisition By Gilead Sciences, Inc Filed

  • If you purchased shares of Kite Pharma Inc (NASDAQ:KITE) and currently hold any of those NASDAQ:KITE 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
Kite Pharma Inc
Security
NASDAQ: KITE

Case Name
Kite Pharma Deal Case 09/08/2017
Type of Lawsuit
Mergers and Acquisition
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Summary

An investor, who currently holds shares of Kite Pharma Inc (NASDAQ:KITE), filed a lawsuit in effort to halt the proposed takeover of Kite Pharma Inc. by Gilead Sciences, Inc.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:KITE investors stockholders by agreeing to sell Kite Pharma Inc.

On August 28, 2017, Gilead Sciences, Inc. (Nasdaq: GILD) and Kite Pharma Inc (NASDAQ:KITE) announced that the companies have entered into an agreement pursuant to which Gilead will acquire Kite Pharma Inc (NASDAQ:KITE) for $180.00 per share in cash.

However, the plaintiff claims that the proposed consideration NASDAQ:KITE shareholders will receive is grossly inadequate and undervalues Kite Pharma Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:KITE stockholders. The plaintiff claims that the defendants agree to preclusive deal protection devices such as, a no solicitation, a matching right, and a termination fee provision, that deter other bidders from making a superior offer for Kite Pharma.

Shares of Kite Pharma Inc (NASDAQ:KITE) closed on September 8, 2017, at $178.23 per share.