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 firstname.lastname@example.org, 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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