NEW YORK, June 25, 2014 (GLOBE NEWSWIRE) -- The fairness of the proposed acquisition of PLX Technology, Inc. ("PLXT" or the "Company") by Avago Technology, Ltd. ("AVGO") is the subject of an examination by WeissLaw LLP, a national class action, shareholder rights law firm. The examination is focusing on possible breaches of fiduciary duty and other violations of law by the Board of Directors of PLXT for agreeing to sell the Company to AVGO. On June 23, 2014, the companies jointly announced they had reached a definitive agreement for AVGO to acquire all outstanding shares of PLXT for $6.50 per common share pursuant to a tender offer.
WeissLaw LLP is investigating whether PLXT's Board acted to maximize shareholder value prior to entering into the agreement with AVGO. The merger consideration represents a mere 9.4% premium over the PLXT June 20, 2014 closing price of $5.94. Notably, prior to the announcement of the deal, at least one analyst has set a price target of $8.00 per share for PLXT – or $1.50 above the price offered by AVGO. Moreover, PLXT shares traded above the merger consideration as recently as January 17, 2014, when PLXT shares reached a high of $6.91 and closed at $6.74 per share.
Given these facts, WeissLaw is investigating whether PLXT's Board of Directors acted in the best interests of PLXT's public shareholders by actively shopping the Company to maximize shareholder value prior to entering into the agreement with AVGO. If you own PLXT shares and would like more information about your rights or our investigation, please contact Joshua Rubin or Kelly Keenan either by telephone at (888) 593-4771 or by email at stockinfo@weisslawllp.com.
The firm is also in the process of investigations on behalf of shareholders of Integrys Energy Group, MICROS Systems, Inc., Measurement Specialties Inc., and OpenTable, Inc.
WeissLaw LLP has litigated hundreds of stockholder class and derivative actions for violations of corporate and fiduciary duties. We have recovered over a billion dollars for defrauded clients and obtained important corporate governance relief in many of these cases. If you have information or would like legal advice concerning possible corporate wrongdoing (including insider trading, waste of corporate assets, accounting fraud, or materially misleading information), consumer fraud (including false advertising, defective products, or other deceptive business practices), or anti-trust violations, please email us at stockinfo@weisslawllp.com or fill out the form on our website, http://www.weisslawllp.com/contact/report_fraud/.
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