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The Briscoe Law Firm Investigates Actel Corporation Concerning the Acquisition of Actel by Microsemi Corporation

^{Published on 2010-10-05 13:25:45 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ The Briscoe Law Firm, PLLC ], founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor, LLP are investigating potential legal claims against the Board of Directors of [ Actel Corporation ] (aActela or aACTLa) (NASDAQ: ACTL) related to the proposed acquisition and buyout of Actel by Microsemi Corporation.

The definitive merger agreement, which was announced on October 4, 2010, involves a transaction valued at approximately $430 million, under which Actel shareholders will receive $20.88 in cash for each share ofActel Corporation/ACTL common stock they hold through a cash tender offer. Following the tender offer, the companies will commence a merger in which all shares not tendered in the tender offer will be converted into the right to receive the same per-share cash. The transaction is expected to close in January 2011.

While the acquisition price represents an approximate premium of 30% over Actela™s closing price on October 1, 2010, Actela™s stock price has steadily risen over the past year, and Actel reported better than expected earnings for the second quarter of 2010, up 27% from the prior yeara™s quarter. Based on these and other factors, the acquisition price does not appear to be fair to Actel shareholders.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Actel for approving this transaction and whether Actela™s Board of Directors acted in the shareholdersa™ best interests.

If you currently own shares of Actel Corporation/ACTL and would like additional information regarding this investigation, or if you have information regarding the allegations involving this transaction, please contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at [ patrick@powerstaylor.com ], or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at [ WBriscoe@TheBriscoeLawFirm.com ]. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.