NEW YORK, Aug. 22, 2014 /PRNewswire/ -- Tripp Levy PLLC, a
leading national securities and shareholder rights law firm,
announces that it has commenced an investigation into possible
breaches of fiduciary duty and other violations of state law by the
Board of Directors of Peregrine Semiconductor Corp. ("Peregrine" or
the "Company") (NASDAQ: PSMI) relating to the proposed buyout of
the Company by Murata Electronics North America Inc.
("Murata").
On August 22, 2014, Peregrine and
Murata announced that they had entered into a definitive agreement
under which Murata will acquire all outstanding shares of Peregrine
not owned by Murata, for $12.50 per
share in cash, or a total transaction value of $471 million ($465
million excluding Murata's existing holding).
The investigation concerns whether the Board of Peregrine
breached its fiduciary duties to stockholders by failing to
adequately shop the Company before agreeing to enter into this
transaction, whether Murata is underpaying for Peregrine shares,
and whether there were any conflicts of interest on the part of the
senior management and/or board of directors of Peregrine in
entering into this transaction for their own self interests and not
for the benefit of its shareholders. Indeed, Peregrine has
approximately $45 million in cash on
hand (or $1.34 per share) and has no
long term debt. In addition, Murata has an ownership stake in
Perergrine, including the two companies having an existing
partnership in place for many years.
If you own shares of Peregrine and would like further
information regarding this investigation at no cost or expense,
please contact us at:
Tripp Levy PLLC
New York, New York
Toll free: 800-511-7037
International: 602-241-2841
Email: contact@tripplevy.com
www.tripplevy.com
Tripp Levy PLLC represents individual and institutional
shareholders and, along with its affiliates, has recovered billions
of dollars for shareholders in similar actions around the globe.
Tripp Levy PLLC is affiliated with the law firm Milberg LLP.
Attorney advertising. Prior results do not indicate a similar
outcome.
SOURCE Tripp Levy PLLC