A lawsuit was filed for investors in shares of Life Technologies Corp. (NASDAQ:LIFE) in effort to stop the proposed takeover of Life Technologies Corp and NASDAQ:LIFE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/29/2013 -- An investor who holds shares of Life Technologies Corp. (NASDAQ:LIFE) filed a lawsuit against directors of Life Technologies Corp. to stop the proposed takeover of Life Technologies Corp. by Thermo Fisher Scientific at $76.00 per NASDAQ:LIFE shares.
Investors who purchased shares of the Life Technologies Corp. (NASDAQ:LIFE) and currently hold any of those NASDAQ:LIFE shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:LIFE stockholders arising out of the attempt to sell the company too cheaply via an unfair process to Thermo Fisher Scientific Inc
On April 15, 2013, Thermo Fisher Scientific (NYSE: TMO) and Life Technologies Corporation (NASDAQ: LIFE) announced that they have signed an agreement under which Thermo Fisher Scientific will acquire Life Technologies for $76.00 in cash per fully diluted common share, or approximately $13.6 billion, plus the assumption of net debt at close ($2.2 billion as of year end 2012).
However, the plaintiff alleges that the $76-offer is too low and undervalues the company. Indeed, Life Technologies’ financial performance significantly improved over the past years. In fact, Life Technologies Corp. reported that its annual Total Revenue rose from over $3.28 billion in 2009 to over $3.79 billion in 2012 and that its respective Net Income increased from $144.5 9 million to $430.86 million. In addition, Shares of Life Technologies Corp. grew from as low as$21.67 per share in December 2008 to as high as $65.24 per share in February 2013.
Furthermore, the plaintiff claims that the defendants agreed to a sale on terms preferential to Thermo Fisher Scientific but detrimental to public investors of Life Technologies Corporation.
Those who are current investors in Life Technologies Corp. (NASDAQ:LIFE) and purchased their Life Technologies 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