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Tripp Levy PLLC Announces Investigation of Icagen

^{Published on 2011-07-20 06:21:01 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Tripp Levy PLLC, a leading national securities law firm, announces an investigation into the proposed acquisition of Icagen, Inc. (NASDAQ: ICGN) by Pfizer Inc. (NYSE: PFE). Pfizer, which currently owns approximately 11% of Icagena™s shares, will acquire the remaining shares it does not already own at a price of $6.00 per share. The aggregate transaction value, including the value of the shares currently owned by Pfizer, is approximately $56 million.The investigation concerns, among other things, whether the consideration to be paid to Icagen shareholders is unfair, inadequate, and substantially below the fair or inherent value of Icagen. Indeed, the buyout price of $6 represents a adiscounta to where the stock traded just prior to the announced ($7.75), and analysts estimate the stock is worth at least $8 per share. The investigation further concerns whether the board of directors of Icagen may have breached their fiduciary duties by not acting in Icagen shareholders' best interests in connection with the sale process of Icagen.

If you own Icagen common stock and you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Tripp Levy PLLC is a national law firm that specializes in mergers & acquisitions, takeover litigation, shareholder rights, and corporate governance matters in state and federal courts throughout the United States. Attorney advertising. Prior results do not guarantee a similar outcome.