San Diego, CA -- (SBWIRE) -- 04/16/2012 -- An investigation for investors in eResearch Technology, Inc (NASDAQ:ERT) shares concerning whether the offer to acquire eResearch Technology, Inc and the buyout process are unfair to investors in NASDAQ:ERT shares was announced.
Investors who purchased shares of eResearch Technology, Inc (NASDAQ:ERT) prior to April 10, 2012 and currently hold any of those NASDAQ:ERT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
Specifically, the investigations by law firms concern whether certain officers and directors of eResearch Technology, Inc breached their fiduciary duties owed to NASDAQ:ERT investors in connection with the proposed acquisition.
On April 10, 2012, eResearchTechnology, Inc. announced that it has entered into an agreement to be acquired by affiliates of Genstar Capital LLC for $8.00 per share in cash in a transaction valued at approximately $400 million.
However, the investigation for NASDAQ:ERT investors concerns whether the proposed transaction is unfair to eResearch Technology stockholders.
In fact, NASDAQ:ERT traded as recently as Tuesday, April 3, 2012, as high as $8.15 per share, thus well above the current offer. In addition at least one analyst has set the high target price for NASDAQ:ERT shares at $11.00 per share, thus significantly above the curren offer of $8.00 per share.
Furthermore, eResearchTechnology’s performance increased in recent years. In fact, eResearch Technology, Inc reported that its annual revenue increased from $93.82million in 2009 to $184.92million in 2011 and its Net Income rose from $10.69million to $13.73million, respectively.
Therefore, the investigation focuses on whether the eResearch Technology Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.
Those who are current investors in eResearch Technology, Inc (NASDAQ:ERT) and purchased their eResearch Technology, Inc (NASDAQ:ERT) 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