WILMINGTON, Del., May 19, 2015 (GLOBE NEWSWIRE) -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announced today that a class action lawsuit has been filed by another law firm on behalf of stockholders of Micrel, Inc. (Nasdaq:MCRL) (“Micrel” or the “Company”) seeking to challenge the Company’s recently announced merger.
If you would like to join the class action, please visit our website or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
On May 15, 2015, Micrel and Microchip Technology Incorporated (“Microchip”) announced the signing of a definitive merger agreement pursuant to which Microchip will acquire Micrel in a cash and stock merger worth roughly $839 million. As a result of the merger, Micrel shareholders are only anticipated to receive approximately $14.00 per share in exchange for Micrel stock. Micrel shareholders may elect to receive their consideration in either cash or stock but if the cash election is oversubscribed, the cash election will be subject to proration.
The consideration that Micrel shareholders are expected to receive is inadequate. Indeed, the $14.00 merger consideration represents only a 3% premium based on Micrel’s closing price on May 6, 2015, the day before the merger was publicly announced. Tellingly, Micrel’s stock traded at $15.04 as recently as April 13, 2015. A $15.00 per share price target set by an analyst from Sidoti & Company also confirms that merger consideration is undervalued.
On May 15, 2015, a Micrel shareholder represented by another law firm filed a class action complaint challenging Micrel’s merger with Microchip. The complaint was filed in the California Superior Court in Santa Clara County, Case No. 1-15-CV-280762.
If you own shares of Micrel and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/MCRL or contact Craig J. Springer, Esq. at cspringer@andrewsspringer.com, or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.