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Mentor Corp. Case 12/08/2008

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Lawsuit Overview

Company
Mentor Corp.
Security
NYSE: MNT

Case Name
Mentor Corp. Case 12/08/2008
Type of Lawsuit
Other
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Summary

<p>On Monday, December 8, 2008, a lawsuit has been filed by a current Mentor Corp. shareholders (NASDAQ: MNT) in the Superior Court of California, Santa Barbara County with respect to the proposed acquisition by Johnson &amp; Johnson (“J&amp;J”) on behalf of all current shareholders of Mentor Corp. (NASDAQ: MNT) against Mentor Corp. and its directors. The shareholder alleges that the proposed merger is an unfair process and unfair price.</p> <p> </p>
<p>Seeking Alpha (www. Seekingalpha .com) reported on December 8, 2008 “Johnson &amp; Johnson Steals Mentor Corp.” because even though Johnson &amp; Johnson (JNJ) announced that it had agreed to acquire Mentor (MNT) for $1.07 billion or $31/share, a 92% premium to the prior day’s closing price, the fact for MNT investors remains that JNJ stole Mentor and likely underpaid for the company. Seeking Alpha argues that “Mentor shares, already down 57% on the year, would have needed to be taken out at a 132% premium simply to match the price level at which they were trading not too long ago”. Pacific Cost Business Times says, that “it looks like top dollar. But not so fast.” as “J&amp;J is getting its own version of a Kmart Christmas markdown” because Jonhson and Johonson plans to acquire Mentor Corp. “for just 75 percent of the price of Mentor shares at the beginning of the year”. The lawsuits filed allege on behalf current investors of Mentor Corporation (NYSE:MNT) potential breaches of fiduciary duty by the board of directors of Mentor Corp. over proposed acquisition by Johnson &amp; Johnson (NYSE:JNJ). According to the lawsuit the plaintiff alleges breaches of fiduciary duty and other violations of state law by the Board of Directors of Mentor Corp. (NYSE:MNT) arising out of their attempt to sell the Mentor Corp to Johnson &amp; Johnson (NYSE:JNJ). Under the terms of the agreement, Mentor Corp. shareholders will receive $31 for each share of Mentor Corp. stock they own for a total deal value of approximately $1.12 billion. According to the lawsiut the price and the process is ‘unfair’.</p>