Robbins Umeda LLP Announces an Investigation of the Tender Offer by Microsemi Corporation to Acquire Actel Corporation
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors (“Board”) of Actel Corporation (“Actel” or the “Company”) (NASDAQ: ACTL) in connection with their efforts to sell Actel to Microsemi Corporation (“Microsemi”) (NASDAQ: MSCC). Under the terms of the announced tender offer, Actel shareholders will receive $20.88 in cash for each share of Actel they own if the tender offer is completed. The companies expect the tender offer to close in Microsemi’s fiscal first quarter, ending January 2, 2011.
Robbins Umeda LLP’s investigation concerns whether the Board of Actel undertook a fair process to obtain fair consideration for all shareholders of Actel. Specifically, our investigation concerns whether the Company’s Board breached their fiduciary duties to Actel shareholders by failing to adequately shop the Company before entering into the transaction with Microsemi. Notably, Actel reported a better than expected second quarter 2010, up 27.7% from the second quarter of the prior year. They also reported net income of $4.8 million or $0.18 per diluted share, which beat analyst estimates.
If you are a shareholder of Actel, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at email@example.com.