September 26, 2013 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of MAKO Surgical Corp. (NASDAQ:MAKO) shares, was announced concerning whether the takeover of MAKO Surgical Corp. by Stryker Corporation for $30.00 per NASDAQ:MAKO share is unfair to MAKO Surgical stockholders.
The investigation by a law firm concerns whether certain officers and directors of MAKO Surgical Corp. breached their fiduciary duties owed NASDAQ:MAKO investors in connection with the proposed acquisition.
On September 25, 2013, MAKO Surgical Corp. announced an agreement with Stryker Corporation (NYSE:SYK), by which Stryker Corporation will acquire all of the outstanding shares of MAKO Surgical Corp. (NASDAQ:MAKO) for $30.00 per share in cash, for an aggregate purchase price of approximately $1.65 billion.
However, given that NASDAQ:MAKO shares traded during 2012 as high as $43.75 per share, the investigation concerns whether the $30.00-offer is unfair to NASDAQ:MAKO stockholders. More specifically, the investigation concerns whether the MAKO Surgical Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
In addition, MAKO Surgicals performance improved lately. For instance, MAKO Surgical Corp. reported that its annual Total Revenue rose from $44.3 million in 2010 to $102.72 million in 2012 and that its respective Net Loss declined from $38.69 million to $32.55 million.
On September 26, 2013, NASDAQ:MAKO shares closed at $29.50 per share.