Life Technologies Corp. (LIFE) Investor Lawsuit Against Takeover by Thermo
Fisher Scientific Inc. Announced by Shareholders Foundation
SAN DIEGO, April 22, 2013 (GLOBE NEWSWIRE) -- The Shareholders Foundation,
Inc. announces that an investor who holds Life Technologies Corp. (LIFE)
shares filed a lawsuit to stop the proposed takeover of Life Technologies
Corp. by Thermo Fisher Scientific for $76.00 per LIFE share.
Investors who purchased shares of Life Technologies Corp. (LIFE) prior to
April 15, 2013 and currently hold any of those Life Technologies shares, have
certain options and should contact the Shareholders Foundation, Inc. at
firstname.lastname@example.org or call +1 (858) 779-1554.
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. 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 process is unfair as well to Life
Technologies investors because defendants agreed to a sale on terms
preferential to Thermo Fisher Scientific but detrimental to public investors
of Life Technologies Corporation.
Those who currently are investors in Life Technologies Corp. (LIFE) shares and
purchased a substantial amount of LIFE shares before the announcement have
certain options and should contact the Shareholders Foundation.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring
and settlement claim filing service, which does research related to
shareholder issues and informs investors of securities class actions,
settlements, judgments, and other legal related news to the stock/financial
market. The Shareholders Foundation, Inc. is not a law firm. The information
is provided as a public service. It is not intended as legal advice and should
not be relied upon.
CONTACT: Shareholders Foundation, Inc.
+1 (858) 779-1554
3111 Camino Del Rio North
San Diego, CA 92108
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