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Law Office of Brodsky & Smith, LLC Announces Investigation of ev3, Inc.

^{Published on 2010-06-01 17:40:33 - Market Wire}
 

BALA CYNWYD, Pa.--([ BUSINESS WIRE ])--Law office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of ev3, Inc. (aev3a or the aCompanya) (Nasdaq: EVVV) relating to the proposed acquisition of ev3 by Covidien PLC (aCovidiena) (NYSE: COV). Under the terms of the agreement, ev3 shareholders would receive cash consideration of $22.50 for each share of ev3 common stock they own.

The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the ev3 boarda™s approval of the proposed transaction. The transaction appears to be unfair, in part, given that at least one analyst has set a price target of $27.00 on ev3. In addition, the merger agreement provides for a aTop-Up Optiona granting Covidien, under certain circumstances, the right to purchase newly issued shares of ev3, which may allow the merger to be completed without a meeting of ev3 stockholders. The merger agreement contains an $83,650,522 termination fee and restricts ev3 from soliciting or initiating discussions with third parties regarding proposals to acquire ev3. Thereby, making it less likely additional offers will be forthcoming.

If you own shares of ev3 and wish to discuss the legal ramifications of the proposed transaction, or have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [ investorrelations@brodsky-smith.com ], or by calling toll free 877-LEGAL-90.