NUVA Alert: Monsey Law Firm of Wohl & Fruchter LLP Investigating Merger of NuVasive With Globus Medical

NUVA Alert: Monsey Law Firm of Wohl & Fruchter LLP Investigating Merger of NuVasive With Globus Medical

MONSEY, N.Y., Feb. 09, 2023 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating whether the directors of NuVasive, Inc. (Nasdaq: NUVA) (“NuVasive”) acted in the best interests of NuVasive shareholders in approving the merger of NuVasive with Globus Medical, Inc. (“Globus”) in an all-stock transaction pursuant to which 0.75 shares of Globus will be exchanged for each share of NuVasive.

The share exchange values NuVasive at $57.72 per share based on Globus’ last close. However, Globus’s stock price is down sharply today on the news, which has substantially reduced the value of the deal to NuVasive shareholders.

If you remain a NuVasive shareholder and have questions about your legal rights, you may contact our firm at the following link to discuss your options at no charge:

https://wohlfruchter.com/cases/nuvasive/

Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].

Why is there an investigation?
On February 9, 2023, NuVasive announced that it had agreed to merge with Globus in an all-stock transaction pursuant to which 0.75 shares of Globus will be exchanged for each share of NuVasive. Following the close of the transaction, NuVasive shareholders will own approximately 28% of the combined company, and Globus Medical shareholders will own approximately 72%, on a fully diluted basis.

The share exchange values NuVasive at $57.72 per share based on Globus’ last close. However, Globus’s stock price is down sharply today on the news, which has substantially reduced the value of the deal to NuVasive shareholders.

The agreement has been approved by the NuVasive board of directors (“Board”).

“We are investigating whether NuVasive’s Board acted in the best interests of NuVasive shareholders in approving the sale,” explained Joshua Fruchter, a partner in the firm. “This includes whether the acquisition price adequately compensates NuVasive shareholders, and whether all material information regarding the transaction has been fully disclosed.”

Notably, according to an analysis of Wall Street price targets for NuVasive in the last 90 days published on Seeking Alpha, there is a high price target for NuVasive of $63.00 per share, which is well above the implied deal price, especially given the substantial drop today so far in the price of Globus.

Additionally, the deal price is below the 52-week high of $59.75 per share at which NuVasive closed on April 14, 2022, which suggests that Globus may be taking advantage of the temporary market downturn to acquire NuVasive at an unfair price.

About Wohl & Fruchter
Wohl & Fruchter LLP, with offices in New York City and Monsey, has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.

Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com