NEW YORK, Sept. 17, 2008 (GLOBE NEWSWIRE) -- Levi & Korsinsky ("L&K") is investigating breaches of fiduciary duty and other violations of state law by the Board of Directors of Datascope Corp. ("Datascope" or the "Company") (Nasdaq:DSCP) arising out of their attempt to sell the Company to Getinge AB. Under the terms of the agreement, Datascope shareholders would receive $53 in cash for every Datascope share they tender, for a total sale price of approximately $865 million in cash. The price is unfair given that the Company has a book value of $25.59 per share that includes over $15.80 per share in cash and no debt so that Getinge is effectively only paying approximately $615 million for the Company. Also, the $53 price offers shareholders essentially no premium over the Company's September 3, 2008 stock price of $52.95. Furthermore, the sales process the Company conducted was flawed given that, in contravention of their fiduciary duties to maximize shareholder value, the Company's Board agreed to a "no-shop" provision and a $30 million termination fee which will ensure no superior offer will ever be forthcoming. The proposed acquisition is subject to customary conditions and regulatory approvals.
If you own common stock in Datascope and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/dscp.html
Levi & Korsinsky has experience in prosecuting investor securities litigation and an extensive practice in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.