SAN DIEGO and CHELMSFORD,
Mass., June 9, 2014
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo
LLP are investigating the proposed acquisition of Hittite Microwave
Corporation (NASDAQ: HITT) by Analog Devices, Inc. (NASDAQ: ADI).
On June 9, 2014, the two
companies announced the signing of a definitive merger agreement
pursuant to which Hittite Microwave shareholders will receive
$78.00 in cash for each share of
common stock owned.
Is the Proposed Acquisition Best for Hittite Microwave and
Its Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Hittite Microwave is undertaking a fair process to
obtain maximum value and adequately compensate Hittite Microwave
shareholders.
As an initial matter, the $78.00
merger consideration represents a premium of just 28.7% based on
Hittite Microwave's closing price on June
6, 2014. This premium is significantly below the
average one-day premium of over 40% for comparable transactions in
the past three years. Further, Hittite Microwave reported positive
results for the first quarter 2014. On April 24, 2014, the company reported revenue of
$70.6 million, an increase over both
the same period 2013 and the previous quarter. Moreover,
Hittite Microwave beat analysts' estimates for comparable adjusted
net income in three of the last four quarters and estimates for
comparable sales in every quarter during the past year.
In light of these facts, Robbins Arroyo LLP is examining Hittite
Microwave's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Hittite Microwave shareholders have the option to file a class
action lawsuit to ensure the board of directors obtains the best
possible price for shareholders and the disclosure of material
information. Hittite Microwave shareholders interested in
information about their rights and potential remedies can contact
attorney Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP