Levi & Korsinsky announced that they are investigating a possible breaches of fiduciary duty and other state law violations during the sale of the company to Skyworks Solutions Inc. Main concern is whether Skyworks are underpaying AATI stockholders. As per the transaction AATI shareholders will get a total value of $ 6.13 per share. Stock jumped more than 55% in the premarket trade to close to $ 6.06.
Below is the detailed news :
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| Advanced Analogic Technology Inc |
Advanced Analogic Technologies Inc ( NASDAQ: AATI ) announced that it is investigating the Board of Directors of Advanced Analogic Technologies Incorp. for possible breaches of fiduciary duty and other violations of state law in connection with the sale of the Company to Skyworks Solutions, Inc. (Skyworks). Under the terms of the transaction, AATI shareholders will receive $3.68 in cash and 0.08725 of a share of Skyworks common stock for each share of AATI stock they own. This represents a value of $6.13 per share of AATI stock, for an approximate total transaction value of $262 million. The investigation concerns whether the AATI Board of Directors breached their fiduciary duties to AATI stockholders by failing to adequately shop the Company before entering into this transaction and whether Skyworks is underpaying for AATI shares, thus unlawfully harming AATI stockholders.
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