A Life Technologies shareholder has issued a lawsuit questioning the legality of the acquisition of the company by Thermo Fisher Scientific according to reports from Globe Newswire on the Nasdaq website.
The Shareholders Foundation, Inc. announced that an investor who holds Life Technologies shares, filed a lawsuit to stop the proposed takeover by Thermo Fisher Scientific for $76.00 per LIFE share.
The plaintiff alleges that the defendants breached their fiduciary duties owed to Life Technologies 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 and Life Technologies Corp. announced that they have signed an agreement under which Thermo Fisher Scientific will acquire Life Technologies Corp. 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. Life Technologies Corp. has 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 $144.59 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. More…