The law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of X-Rite, Inc. (NASDAQ: XRIT) (“X-Rite”) and other violations of state law by the board of directors of X-Rite relating to the proposed acquisition of the company by Danaher Corp. (“Danaher”). The firm’s investigation seeks to determine, among other things, whether the board breached its fiduciary duties by failing to maximize shareholder value. On April 10, 2012, X-Rite announced that it had entered into a definitive merger agreement with Danaher to acquire X-Rite for $625 million. Under the terms of the merger agreement, X-Rite shareholders will receive $5.55 for each share of X-Rite common stock held. However, according to Bloomberg, EBITDA and net income multiples for the proposed buyout transaction are lower than the median multiples for comparable transactions. If you currently own shares of X-Rite and would like to learn more about the investigation being conducted by Brower Piven, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 60 years.
Shares of X-Rite (Nasdaq:XRIT) have taken a tremendous swing upward. The stock is trading at $5.54 as of 9:30 a.m. ET, 38.5% above Monday's closing price of $4. Volume is at 628,978, 6.4 times the daily average of 98,800.