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Kendall Law Group Investigates LTX-Credence Corporation Merger for Shareholders

^{Published on 2010-11-18 07:45:44 - Market Wire}
 

DALLAS--([ BUSINESS WIRE ])--[ Kendall Law Group ], led by former federal judge Joe Kendall, is investigating LTX-Credence Corporation (NASDAQ: LTXC) for shareholders in connection with the proposed acquisition by Verigy. The national securities firma™s investigation seeks to determine whether LTX-Credence and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a LTX-Credence shareholder and would like additional information about your rights, contact the Kendall Law Group at 877-744-3728 or by email at [ skendall@kendalllawgroup.com ].

On November 18, 2010, the companies announced the definitive merger agreement under which LTX-Credence would become a wholly owned subsidiary of Verigy or Verigy and LTX-Credence would become wholly owned subsidiaries of Holdco, a newly created subsidiary. The transaction is valued at approximately $420 million. Under the terms of the agreement, LTX-Credence stockholders will receive 0.96 shares of Verigy (NASDAQ: VRGY) stock or Holdco stock for each share of LTX-Credence/LTXC common stock held. Verigy shares closed at $8.91 the day prior to the announcement of the merger agreement. According to Thompson/First Call, at least one analyst has set a price target of $18.00 per share for LTX-Credence stock. Due to these factors, the firm believes the transaction may be significantly undervaluing the company.

Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.