The proposal by PACS software developer Amicas of Boston to be taken private by a Chicago-based equity firm has spawned a series of "investigations" by law firms specializing in securities litigation.
Amicas announced on the morning of December 28 that it agreed to be taken private by Thoma Bravo in a $217 million buyout. Some 23 minutes after the press release crossed the wires, law firm Levi & Korsinsky of New York City announced that it was investigating Amicas for "possible breaches of fiduciary duty" in connection with the deal.
The investigation concerns whether Amicas could have gotten a better price than the $5.35 offer made by Thoma Bravo. Levi & Korsinsky said the proposed offer is only a small premium over the $4.84 price that Amicas shares were trading at as recently as December 8 and is below a $6 per share price target set by one analyst.
Several other law firms followed Levi & Korsinsky by announcing similar investigations.
Related Reading
Equity firm to take Amicas private, December 28, 2009
Amicas inks Kentucky contract, December 21, 2009
Amicas to show ECM at RSNA 2009, November 18, 2009
Amicas to tout mammo PACS at RSNA, November 13, 2009
Emageon deal doubles Amicas revenues, November 4, 2009
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