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Brower Piven Announces an Investigation of the Acquisition of SMART Modular Technologies, Inc. by Silver Lake Partners and Silv

  //science-technology.news-articles.net/content/2 .. logies-inc-by-silver-lake-partners-and-silv.html
  Published in Science and Technology on Tuesday, April 26th 2011 at 10:36 GMT by Market Wire
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STEVENSON, Md.--([ BUSINESS WIRE ])--The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of SMART Modular Technologies, Inc. (aSMARTa) (NASDAQ: SMOD) and other violations of state law by the board of directors of SMART relating to the proposed acquisition of the company by Silver Lake Partners and Silver Lake Sumeru (aSilver Lakea). The firma™s investigation seeks to determine, among other things, whether SMART and its board breached their fiduciary duties by failing to maximize shareholder value.

On April 26, 2011, SMART announced that it had entered into a definitive agreement for SMART to be acquired by Silver Lake. Under the terms of the agreement, stockholders of SMART will receive $9.25 per share in cash. The going-private transaction is valued at approximately $654 million. The $9.25 per share cash consideration represents a 23% premium over the average closing price for the previous 30 trading days. However, SMART recently announced positive financial results for the second quarter 2011. As recently noted by Iain MacKenzie, President and CEO of SMART, there is growing momentum in the companya™s enterprise solid state storage business, and SMART was able to achieve non-GAAP diluted earnings per share of $0.08 due in large part to the resilience of SMARTa™s business model. The transaction is expected to close in the third quarter of 2011.

If you currently own shares of SMART and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at [ hoffman@browerpiven.com ], by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.