Levi & Korsinsky, LLP Investigates Possible Breach of Fiduciary Duty by the Board of Zilog Inc. - ZILG
08 Dezember 2009 - 7:17PM
Business Wire
Levi & Korsinsky is investigating the Board of Directors of
Zilog Inc. (“Zilog” or the “Company”) (NasdaqGM: ZILG) for possible
breaches of fiduciary duty and other violations of state law in
connection with their attempt to sell the Company to Ixys
Corporation (NasdaqGM: IXYS) . Under the terms of the transaction,
Zilog shareholders will receive $3.5858 in cash for each Zilog
share of common stock they own for a total transaction value of
approximately $62.4 million.
For the quarter ending September 26, 2009, Zilog reported gross
profit of $3.684 million and net income of $1.635 million as
compared to gross profit and net income of $2.715 million and $352
thousand, respectively, for the prior quarter. The investigation
concerns whether the Zilog Board of Directors breached their
fiduciary duties to Zilog shareholders given that (i) the Company
has just reported a quarterly increase of 35% in gross profits and
364% in net income; (ii) the offer price is only a small premium
over the $3.12 price the Company's shares traded at as recently as
November 30, 2009; (iii) the Company has more than $2.00 per share
in cash with no debt; (iv) at least one analyst set a price target
for Zilog stock at $6.00 per share; and (v) the Zilog Board of
Directors agreed to a strict "no solicitation" provision and agreed
to pay a $1.9 million termination fee that will all but ensure that
no superior offer will ever be forthcoming.
If you own common stock in Zilog and wish to obtain additional
information, please contact us at the number listed below or visit
http://www.zlk.com/zilg1.html.
Levi & Korsinsky has expertise in prosecuting investor
securities litigation and extensive experience in actions involving
financial fraud and represents investors throughout the nation,
concentrating its practice in securities and shareholder
litigation.
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