SAN DIEGO, April 22, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that an investor who holds Life Technologies Corp. (LIFE) shares filed a lawsuit to stop the proposed takeover of Life Technologies Corp. by Thermo Fisher Scientific for $76.00 per LIFE share.
Investors who purchased shares of Life Technologies Corp. (LIFE) prior to April 15, 2013 and currently hold any of those Life Technologies shares, have certain options and should contact the Shareholders Foundation, Inc. at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to Life Technologies stockholders arising out of the attempt to sell the company too cheaply via an unfair process to Thermo Fisher Scientific Inc.
On April 15, 2013, Thermo Fisher Scientific and Life Technologies Corp. announced that they have signed an agreement under which Thermo Fisher Scientific will acquire Life Technologies Corp. for $76.00 in cash per fully diluted common share, or approximately $13.6 billion, plus the assumption of net debt at close ($2.2 billion as of year end 2012).
However, the plaintiff alleges that the $76-offer is too low and undervalues the company. Indeed, Life Technologies' financial performance significantly improved over the past years. In fact, Life Technologies Corp. reported that its annual Total Revenue rose from over $3.28 billion in 2009 to over $3.79 billion in 2012 and that its respective Net Income increased from $144.5 9 million to $430.86 million. In addition, shares of Life Technologies Corp. grew from as low as $21.67 per share in December 2008 to as high as $65.24 per share in February 2013.
Furthermore, the plaintiff claims that the process is unfair as well to Life Technologies investors because defendants agreed to a sale on terms preferential to Thermo Fisher Scientific but detrimental to public investors of Life Technologies Corporation.
Those who currently are investors in Life Technologies Corp. (LIFE) shares and purchased a substantial amount of LIFE shares before the announcement have certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.