Science & Technology
Brower Piven Announces an Investigation of the Acquisition of Vital Images, Inc. by Toshiba Medical Systems Corporation
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 Vital Images, Inc. (aVitala) (NASDAQ:VTAL) and other violations of state law by the board of directors of Vital relating to the proposed acquisition of the company by Toshiba Medical Systems Corporation (aTMSCa). The firma™s investigation seeks to determine, among other things, whether the board breached their fiduciary duties by failing to maximize shareholder value.
On April 27, 2011, Vital and TMSC jointly announced that they had entered into a definitive agreement for Vital to be acquired by TMSC. Under the terms of the agreement, TMSC will acquire all outstanding shares of Vital common stock through a cash tender offer followed by a merger. Under the terms of the transaction, Vital shareholders will receive $18.75 in cash for each share of Vital common stock, or approximately $273 million in the aggregate. According to the company, this represents a 39 percent premium over the volume-weighted average of Vitala™s share price for the past 30 calendar days. However, Vital recently announced positive financial results, reporting fourth quarter 2010 revenue of $16.1 million, compared to $15.8 million for the fourth quarter of 2009, and for the full-year 2010, revenue of $59.7 million, compared to $58.2 million in 2009. Under the terms of the transaction, the tender offer will be commence by May 11, 2011. The transaction is expected to close in the second or third quarter of 2011.
If you currently own shares of Vital 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.
