This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Harwood Feffer LLP Announces Investigation Of Ancestry.com, Inc.

NEW YORK, Oct. 22, 2012 /PRNewswire/ -- Harwood Feffer LLP ( www.hfesq.com) is investigating potential claims against the board of directors of Ancestry.com, Inc. ("Ancestry.com" or the "Company") (NASDAQ: ACOM) concerning the proposed acquisition of the Company by the private equity firm Permira Advisers LLP ("Permira") in a transaction valued at approximately $1.6 billion

(Logo: http://photos.prnewswire.com/prnh/20120215/MM54604LOGO )

On October 22, 2012, Ancestry.com announced that it had entered into an agreement for Permira to acquire the Company for $32 per share in cash, only a 9.66% premium over the closing price of the Company's stock on Friday, October 19, 2012, the last trading day prior to the announcement.

According to the Company's press release, the agreement provides that Ancestry.com's largest shareholder, Spectrum Equity Investors V, L.P., which currently owns approximately 30% of Ancestry.com's outstanding shares, and CEO Tim Sullivan and CFO Howard Hochhauser, will all retain equity ownership stakes in Ancestry.com, post-acquisition.  On July 25, 2012, Ancestry.com had announced second-quarter sales and profit that topped analysts' estimates, and Ancestry.com's own expectations and prior guidance, helped by strong subscriber growth, increased subscriber lifetime value, and demand for new products.

The investigation concerns whether Ancestry.com's board of directors breached their fiduciary duties by failing to adequately solicit competing bidders and obtaining the best possible value for Ancestry.com's shareholders before entering into an agreement with Permira.  According to at least one analyst, Ancestry.com stock has a price target of $37.00 per share.

If you own Ancestry.com shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:

Robert I. Harwood, Esq. Peter W. Overs, Esq. Christopher Safrath Harwood Feffer LLP 488 Madison Avenue New York, New York 10022 Phone Numbers: (877) 935-7400 (212)935-7400 Email: csafrath@hfesq.com Website: http://www.hfesq.com

Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website ( http://www.hfesq.com) for more information about the firm.

Attorney Advertising© 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP ( www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.

SOURCE Harwood Feffer LLP

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,804.42 -123.78 -0.69%
S&P 500 2,079.63 -9.83 -0.47%
NASDAQ 4,915.6960 -23.6310 -0.48%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs