NEW YORK, July 27, 2009 (GLOBE NEWSWIRE) -- Levi & Korsinsky is investigating the Board of Directors of Varian, Inc. ("Varian" or the "Company") (Nasdaq:VARI) for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell the Company to Agilent Technologies Inc. ("Agilent") (NYSE:A). Under the terms of the agreement, each Varian shareholder will receive $52 of cash for each share of Varian they own for a total transaction value of approximately $1.5 billion. The Company agreed to refrain from soliciting competing offers that may be superior than the Agilent offer and also agreed to pay Agilent a termination fee of $46.0 million in the event the agreement is terminated under certain circumstances. The investigation concerns whether the Varian Board of Directors breached their fiduciary duties to Varian shareholders by failing to conduct an open and fair auction process for the Company.
The companies expect to consummate the transaction before the end of 2009, subject to customary closing conditions, including all necessary regulatory and stockholder approvals.
If you own common stock in Varian and wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/vari1.html.
Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.