Jan 5 2010
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors of BioForm Medical, Inc. ("BioForm") (NASDAQ: BFRM) in connection with their actions in causing BioForm to enter into a definitive merger agreement with Merz Pharma Group ("Merz"), a privately-held company based in Frankfurt, Germany.
Under the terms of the merger agreement, BioForm shareholders will receive $5.45 per share in cash for each share of BioForm they own. Upon completion of the merger, BioForm will become a private company, as a wholly-owned subsidiary of Merz. The deal is expected to close in the first quarter of 2010.
Robbins Umeda LLP's investigation concerns whether BioForm's Board of Directors' acceptance and recommendation of the offer is fair and designed to secure the best possible price for all BioForm shareholders.