SAN DIEGO and NEWPORT
BEACH, Calif., Nov. 7, 2013
/PRNewswire/ -- Shareholder rights attorneys at Robbins Arroyo LLP
are investigating the proposed acquisition of Mindspeed
Technologies, Inc. (NASDAQ: MSPD) by M/A-COM Technology Solutions
Holdings, Inc. (NASDAQ: MTSI). On November 5, 2013, Mindspeed announced the signing
of a definitive merger agreement pursuant to which M/A-COM will
acquire Mindspeed for $5.05 for each
share in a cash tender offer.
(Logo: http://photos.prnewswire.com/prnh/20130103/MM36754LOGO)
Is the Merger Best for Mindspeed and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Mindspeed is undertaking a fair process to obtain
maximum value and adequately compensate Mindspeed shareholders in
the merger. Notably, Mindspeed traded above the offer price
as recently as February 22, 2013, and
traded as high as $5.27 on
February 19, 2013, closing at
$5.23 that same day. Further,
Mindspeed is currently experiencing growth in its business
prospects, as indicated in its November 5,
2013 press release announcing the company's financial
results for its fourth quarter 2013. In particular, Mindspeed
reported increases in:
- Non-GAAP operating profit for the fiscal fourth quarter of 2013
of approximately $1.6 million,
compared to a non-GAAP operating profit of $644,000 in the prior fiscal quarter and;
- Non-GAAP net income for the fiscal fourth quarter of 2013 of
$874,000, compared to a non-GAAP net
loss of $461,000 in the prior fiscal
quarter.
Given these facts, Robbins Arroyo LLP is examining the Mindspeed
board of directors' decision to sell the company to M/A-COM now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects, and
whether they are seeking to benefit themselves.
Mindspeed shareholders have the option to file a class action
lawsuit to secure the best possible price for shareholders and the
disclosure of material information so shareholders can decide
whether to tender their shares in an informed manner.
Mindspeed shareholders interested in information about their
rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003,
ddonahue@robbinsarroyo.com, or via the shareholder information form
on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
SOURCE Robbins Arroyo LLP