The proposed acquisition of Cascade Microtech Inc. by FormFactor Inc. is being investigated by WeissLaw LLP for possible breaches of fiduciary duty and other violations of law by the Board of Directors of Microtech. On February 4, 2016, the Company announced it had reached a definitive agreement for FormFactor to acquire Cascade in a transaction valued at approximately $352 million. Under the terms of the agreement, Cascade shareholders will receive $16.00 in cash and 0.6534 of a share of FormFactor for share each Cascade they own. This represents a per share value of $20.18 based FormFactor’s February 10 closing price.
WeissLaw is investigating whether Cascade’s Board acted to maximize shareholder value prior to entering into the agreement. Notably, the Company has enjoyed impressive financial results. On the same day of the acquisition announcement, Cascade issued a separate press release reporting annual revenue of $144.0 million for fiscal year 2015; Cascade also reported record quarterly revenue of $40.4 million in the fourth quarter of 2015 as compared with $35.8 million reported in the third quarter and $36.6 million in the same period of the previous year, representing increases of 11% and 10% respectively.
Given these facts, WeissLaw is investigating the Board of Directors’ decision to sell Cascade and whether Cascade shareholders will obtain their fair proportionate share of the Company’s continued success and future growth prospects. If you own Cascade shares and would like more information about your rights or our investigation, please contact Joshua Rubin either by telephone at (888) 593-4771 or by email at firstname.lastname@example.org.
NEW YORK, 02/11/2016 (PR NEWSWIRE)