Gen-Probe Buyout: The Securities Attorneys at The Briscoe Law Firm & Powers Taylor, LLP Announce Investigation of the Acquisi...
May 01 2012 - 10:54AM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe and the securities litigation firm of Powers Taylor,
LLP are investigating the sale of Gen-Probe, Inc. (“Gen-Probe”)
(NASDAQ: GPRO) to Hologic, Inc. for shareholders. Under the
proposed acquisition agreement, Gen-Probe shareholders will receive
only $82.75 in cash for each share of Gen-Probe stock owned, which
is well below Gen-Probe’s 52-week high of $86.66 per share.
If you are an affected investor, and you want to learn more
about the lawsuit or join the action, contact Patrick Powers at
Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
The definitive merger agreement involves an all cash transaction
with a total equity value of approximately $3.75 billion. The
transaction is expected to close in the second half of 2012.
The investigation centers on whether Gen-Probe shareholders are
receiving adequate compensation for their shares in the buyout,
whether the transaction undervalues Gen-Probe’s stock, and whether
Gen-Probe’s board attempted to obtain the highest share price for
all shareholders prior to agreeing to the deal. Specifically,
although it has been reported that the acquisition price represents
an approximate 20% premium over the closing price of Gen-Probe
/GPRO shares the day prior to the merger announcement, the
acquisition price is nearly $4.0 less than Gen-Probe’s 52-week
closing price of $86.66 per share. “In addition to the lack of a
significant premium to Gen-Probe shareholders, we are highly
concerned about preclusive deal measures in the acquisition
agreement, including a $128 million termination fee,” said
shareholder rights attorney Willie Briscoe.
The Briscoe Law Firm, PLLC is a full service business litigation
and shareholder rights advocacy firm with more than 20 years of
experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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