NEW YORK, Dec. 2, 2011 /PRNewswire/ -- Tripp Levy PLLC, a
leading national securities law firm announces that it is
investigating potential claims against the board of directors of
Magma Design Automation, Inc. ("Magma" or the "Company") (Nasdaq:
LAVA) concerning possible breaches of fiduciary duty and other
violations of law related to the Company's entry into an agreement
to be acquired by Synopsys, Inc. ("Synopsys") in a transaction with
an approximate value of $507 million,
net of cash and debt acquired.
Under the proposed agreement, Synopsys will acquire all of the
outstanding shares of Magma for $7.35
per share in cash.
The investigation concerns whether Magma's board of directors
adequately shopped the Company to obtain the best price possible
for Magma's shareholders before entering into the agreement with
Synopsys. Indeed, according to Yahoo! Finance, at least one analyst
has set a price target of $11.00 per
share for Magma stock. Moreover, on December
1, 2011, Magma reported revenue of $38.3 million for its fiscal 2012 second quarter
ended Oct. 30, 2011, up 13 percent
from the $33.9 million reported in
the year-ago second quarter.
If you own Magma common stock and would like to learn more about
these claims, or if you wish to discuss these matters or have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact
Tripp Levy PLLC
Toll Free: 877-772-3975
Email: contact@tripplevy.com
Attorney advertising. Prior results do not guarantee a similar
outcome.
SOURCE Tripp Levy PLLC
