An investigation on behalf of investors of Ancestry.com Inc (NASDAQ:ACOM) in connection with the proposed takeover was announced and NASDAQ:ACOM stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/24/2012 -- An investigation on behalf of investors in Ancestry.com Inc (NASDAQ:ACOM) shares was announced concerning whether the offer to acquire Ancestry.com Inc for $32 per NASDAQ:ACOM share and the takeover process are unfair to investors in NASDAQ:ACOM shares.
Investors who purchased shares of the Ancestry.com Inc (NASDAQ:ACOM) prior to October 22, 2012, and currently hold any of those NASDAQ:ACOM shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain officers and directors of Ancestry.com Inc breached their fiduciary duties owed to NASDAQ:ACOM investors in connection with the proposed acquisition.
On October 22, 2012, Ancestry.com (Nasdaq:ACOM) announced that a company owned by the Permira funds and co-investors has entered into a merger agreement to acquire Ancestry.com for $32.00 per share in cash in a transaction valued at $1.6 billion.
However, NASDAQ:ACOM shares traded as recently as August 15, 2012 as high as $32.90 per share and on July 31, 2012 as high as $33.47 per share, both above the current offer. In addition, at least one analyst has set the high target price for NASDAQ:ACOM shares at $45.00 per share. Furthermore, Ancestry.com Inc has performed well in the past years for its investors. Its annual Revenue rose from $197.59 million in 2008 to $399.66 million in 2011 and its Net Income increased over the same time periods from $2.38 million to $62.90 million.
Therefore the investigation a law firm concerns whether the proposed transaction is unfair to NASDAQ:ACOM stockholders.
Specifically, given that affiliates of Spectrum Equity, which together own approximately 30% of the company's outstanding shares, have already agreed to vote their shares in favor of the merger, the investigation focuses on whether the Ancestry.com Board of Directors undertakes an adequate sales process, adequately shops the company before entering into the transaction, maximizes shareholder value by negotiating the best price, and acts in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in Ancestry.com Inc (NASDAQ:ACOM) and purchased their Ancestry.com Inc shares prior to the announcement, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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