An investigation on behalf of investors of X-Rite, Incorporated (NASDAQ:XRIT) in connection with the takeover was announced and NASDAQ:XRIT stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 04/16/2012 -- An investigation for investors in X-Rite (NASDAQ:XRIT) shares concerning whether the offer to acquire X-Rite and the buyout process are unfair to investors in NASDAQ:XRIT shares was announced.
Investors who purchased shares of X-Rite, Incorporated (NASDAQ:XRIT) prior to April 10, 2012 and currently hold any of those NASDAQ:XRIT shares have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigations by law firms concern whether certain officers and directors of X-Rite, Incorporated breached their fiduciary duties owed to NASDAQ:XRIT investors in connection with the proposed acquisition.
On Tuesday, April 10, 2012, X-Rite, Incorporated (NASDAQ:XRIT)announced that it has signed a merger agreement with Danaher (NYSE: DHR) under which Danaher will acquire X-Rite, Incorporated for $5.55 per share in cash, or a total of approximately $625 million including the assumption of debt, net of cash.
Following the takeover announcement shares of X-Rite, Incorporated (NASDAQ:XRIT) jumped from $4.00 on Monday, April 9, 2012 to $5.55 on Tuesday.
However, X-Rite’s financial performance improved over the past recent years. X-Rite, Incorporated reported that its Total Revenue rose from $191.67million for a 12months period ending on Jan 2, 2010 to $237.60million for a 12months period ending on Dec. 31, 2012 and its Net Loss of $25.24million for the 12months period ending on Jan 2, 2010 turned into a Net Income of $49.40million for the12months period ending on Dec. 31, 2012.
Furthermore, certain stockholders representing approximately 68% of the voting power of X-Rite's outstanding shares have already expressed their intend to tender their shares into the offer.
Therefore the investigation for X-Rite, Incorporated (NASDAQ:XRIT) investors concerns whether the proposed transaction is unfair to X-Rite, Incorporated (NASDAQ:XRIT) stockholders.
Specifically, the investigation focuses on whether the X-Rite, Incorporated (NASDAQ:XRIT) 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 X-Rite, Incorporated (NASDAQ:XRIT) and purchased their X-Rite, Incorporated (NASDAQ:XRIT) 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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