Shareholders Foundation, Inc.

BioClinica Inc (NASDAQ:BIOC) Investor Files Lawsuit to Halt Acquisition Attempt by JLL Partners

A lawsuit was filed for investors of BioClinica Inc (NASDAQ:BIOC) in effort to stop the proposed takeover and NASDAQ:BIOC stockholders should contact the Shareholders Foundation.


San Diego, CA -- (SBWIRE) -- 02/13/2013 -- An investor in shares of BioClinica Inc (NASDAQ:BIOC) filed a lawsuit to halt the proposed takeover of BioClinica Inc by JLL Partners, Inc at $7.25 per NASDAQ:BIOC share.

Investors who purchased shares of BioClinica Inc (NASDAQ:BIOC) prior to January 30, 2013, and currently hold any of those NASDAQ:BIOC shares have certain options and should contact the Shareholders Foundation at mail(at) or call +1(858) 779 - 1554.

On Jan. 30, 2013, BioClinica, Inc. (NASDAQ: BIOC) announced that it has entered into an agreement to be acquired by a holding company controlled by JLL Partners, Inc. Simultaneously, JLL Partners announced that it has reached an agreement to acquire CoreLab Partners, Inc.. Following the proposed acquisitions, BioClinica and CoreLab Partners will be merged. Ampersand Capital Partners, which is the majority owner of CoreLab Partners, will also be a significant investor in the combined company. Under terms of the BioClinica agreement, the holding company will commence a cash tender offer to purchase all of BioClinica's common stock at an offer price of $7.25 a share, which results in an equity value of approximately $123 million. Any BioClinica shares not tendered in the offer will be acquired in a second-step merger at the same cash price as paid in the tender offer. BioClinica, Inc. said that the purchase price represents a premium of 23.2% over its average closing price for the 90 days ended January 29, 2013, and 28.7% over the average price for the 52-week period ended January 29, 2013.

However, the plaintiff claims that the $7.25-offer is too low and undervalues the company. Indeed, at least one analyst has set the high target price for NASDAQ:BIOC shares at $9.00 per share. Furthermore, directors of BioClinica could have negotiated a higher price because of the company’s future prospects. In fact, the financial performance of BioClinica Inc improved lately. For instance, BioClinica Inc reported that its annual Revenue rose from $69.12 million in 2008 to $83.96 million in 2011. Shares of BioClinica Inc (NASDAQ:BIOC) grew from as low as $3.35 per share in September 2009 to as high as $6.40 per share in September 2012.

Furthermore, so the complaint, the proposed transaction is the product of a flawed process whose terms effectively deter prospective buyers.

Those who are current investors in BioClinica Inc (NASDAQ:BIOC), have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Joelle Day
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739